Home Buying in Denver>Question Details

Melanie Coop…, Home Buyer in North Las Vegas, NV

when you short sale a home in one state, can you buy a home in another state?

Asked by Melanie Cooper, North Las Vegas, NV Wed Jul 3, 2013

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I previously thought about moving to Colorado, however, the properties are
too expensive for someone who is retired. I was advised that on short sales now, you can actually buy another home within a year. Thanks for your input. I live in Nevada. Melanie Cooper
0 votes Thank Flag Link Sat Jan 11, 2014
Hi Melanie,

Yes you sure can! We have a portfolio loan program that is designed specifically for this. We call it our "2nd Chance" loan. I'm currently doing one for a client in Las Vegas.

What State are you looking to buy? We have approved this loan for AZ, CA, CO, DC, FL, HI, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA so far with other States being added.

Let me know if you would like more info.. You can contact me on my website below -
Web Reference: http://www.craigbosse.com
0 votes Thank Flag Link Thu Jan 9, 2014
I went through a short sale, and your personal credit history is affected, so going to another state will not help. 3 years is a typical 'probation' period, while a foreclosure is typically 7 years. If you had worked with a CDPE (Certified Distressed Property Expert), he/she might not have known about cash buyers that would continue your mortgage payments, and put you in a different home on favorable terms (lease payments but without qualifying for a mortgage). If you need help, send me e-mail, and I can arrange a "transition manager" to call you with more details. tdubaniewicz@juno.com
0 votes Thank Flag Link Sat Oct 19, 2013
There are new regulations that will allow short sale sellers to purchase within 1 year if they had to short sale for financial reasons such as job loss. Talk to a lender for exact details.
0 votes Thank Flag Link Tue Oct 8, 2013
You can run, but you cannot hide:
Your Credit follows your Social Securit number, (ring a bell?)
0 votes Thank Flag Link Sun Jul 7, 2013
Melanie,

You can purchase a home in any state after a short sale, but not right away. Depending on the type of loan you get you will need to wait 2-3 years before a lender will be able to qualify you for a loan. You are dealing with federal guidelines and not state, so this time frame is pretty much etched in stone. There may be a chance to qualify a little sooner with some specific 'hardship' issues that led to the short sale. You will need to speak with a lender about yur own personal situation. Also you can learn how to be prepared when that time frame has been met.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sun Jul 7, 2013
Melanie, after a short sale, depending on the situation, will not be able to obtain a mortgage for at least 2 years. If you were NOT delinquent for the last 12 months from the date of the short sale, then you might be eligible for FHA financing. If you were delinquent with your mortgage payment, then the earliest you can be eligible for a mortgage is 2 years from the short sale date and will require a 20% downpayment, for a conventional loan. For an FHA loan, you'll need to wait 3 years and you'll be eligible for max financing, meaning only a 3.5% downpayment.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Wed Jul 3, 2013
The short answer is yes. The long answer is everything is dependant on how the lender reported your short sale on your credit, your other debts, your hardship, your income and your down payment. Lenders qualify you based on what type of loan was foreclosed. If it was FHA , the date they use is the date the mortgage insurance claim was made.

Two to three years, and excellent credit are involved. Good luck.
0 votes Thank Flag Link Wed Jul 3, 2013
Probably not If you're financing the new purchase with FNMA, FHLMC, FHA or VA type financing. These entities will most likely require a 2-7 year waiting period after the completion of the short sale depending on the structure of the new mortgage.

If you're paying cash, or financing it privately, it may not be a problem. I hope this helps.
0 votes Thank Flag Link Wed Jul 3, 2013
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