Home Buying in Oklahoma City>Question Details

fred, Home Buyer in Oklahoma City, OK

purchasing a home with a history of a short sale

Asked by fred, Oklahoma City, OK Sun Jun 15, 2014

is it possible to purchase a home with less than 20% down with a short sale in the last two years from a divorce? life changing event have any factor in the consideration with lenders?

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3
The shortest wait period is 3 years from a short sale. This would be for an FHA loan which requires a down payment of 3.5%. A divorce, although life changing, does not factor into a lenders consideration. Since you have a little more time to wait, now is the time to make sure your credit is in good shape.
0 votes Thank Flag Link Wed Jul 23, 2014
I have always heard 2 years minimum before you can purchase a home with a short sale on your record. Depending on the time frame and the lender. I know it can be frustrating but all you can do is call around to the different avenues and see what they say.

Good luck
0 votes Thank Flag Link Wed Jul 23, 2014
It may. Only way to know for sure is to talk to a lender and find out! If you didn't have any late payments, I think you should be good. But I'm not a lender.

I know there are situations where the person was forced to do a short sale due to extenuating circumstances (divorce, job transfer, etc.) and those are dealt with differently than those who just couldn't keep up with payments and had to sell for financial hardship reasons. Hope this helps!
0 votes Thank Flag Link Sun Jun 15, 2014
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