Home Buying in Lancaster>Question Details

Jnell2106, Home Owner in Lancaster, CA

i sold my house about 15 months ago it was a short sale would i be able to buy another home againe and also would i be able to buy to buy as a first

Asked by Jnell2106, Lancaster, CA Fri Dec 23, 2011

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"If you short sold your home without ever missing a payment (this is possible, I have short sold quite a few homes where owners never missed a payment), you could buy after 12mos"

Emily, that is not the guideline. If you are going to quote guidelines, please do so correctly. I happen to do a lot of these mortgages and I would appreciate it if you didn't turn away people who actually qualify because you are uninformed.

From HUD: 4155.1 4.C.2.l

Borrower Current at the time of Short Sale

A borrower is considered eligible for a new FHA-insured mortgage if, from
the date of loan application for the new mortgage, all
• mortgage payments on the prior mortgage were made within the month due
for the 12-month period preceding the short sale, and
• installment t debt payments for the same time period were also made within
the month due.

That does not mean there is a 12 month waiting period, it means all payments on all accounts must have been made for the 12 months preceding the date of application. They can qualify the day after the short sale.
Web Reference: Http://TripointMortgage.Net
3 votes Thank Flag Link Fri Dec 23, 2011
You need to call a lender and explain to him your situation.
1 vote Thank Flag Link Fri Dec 23, 2011
If you short sold your home without ever missing a payment (this is possible, I have short sold quite a few homes where owners never missed a payment), you could buy after 12mos, if it's been 15mos, you could probably qualify.

If you did miss payments, there are investors out there who still may give you a loan & not rip you off on interest rates or points charged. Likely you will need to wait just a little bit longer, another 9 mos., so you're at the 2yr mark.

If you would like me to refer you to a lender to look at your case, shoot me an email directly if you want to talk about this some more, I don't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
Short Sale Expert
0 votes Thank Flag Link Fri Dec 23, 2011
No you cannot buy as a first time buyer. Yes you my be able to buy if you meet FHA guidelines for purchases after a short sale.

You can see the qualifications on my blog. http://www.trulia.com/blog/gvd/2011/05/purchase_after_short_…

If you meet the guidelines I can get it funded for you.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Fri Dec 23, 2011
You have to not have owned a home for 2 years to be able to buy as a first time home owner. If you are buying cash you can buy now but if you need a loan it will require a talk with a lender. Your short sale hurt your credit and usually it is going to take at least 2-3 years to get your credit score up.
0 votes Thank Flag Link Fri Dec 23, 2011
A short sale affects your credit for about less years as compared to a foreclosure. Still I would say give it about 7 years. This would not be a first time home buy.
0 votes Thank Flag Link Fri Dec 23, 2011
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