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El, Other/Just Looking in 45044

how long do you have to wait to buy a house after a short sale?

Asked by El, 45044 Thu Sep 23, 2010

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5
If you are approved for a moderfacation can the bank put the balance of the trail perido money to the back of the loan making the property worth more than what it is worth
0 votes Thank Flag Link Fri Apr 8, 2011
El,
Like Dan says, yest the general rule is 2 years. But there are other things to consider, if your current loan is FHA and you go through with a short sale, it is my understanding (local lender and I had this discussion last week)that you will never be able to finance FHA again.

I would recommend that you speak to a lending officer in any case.
0 votes Thank Flag Link Fri Apr 8, 2011
I have a couple of lenders I can put you in touch with.
0 votes Thank Flag Link Wed Sep 29, 2010
Absolutely talk to a local lender. I have even read that, under the right set of circumstances and some very strict guidelines, you may be able to buy right away. But Dan is correct, two years is the rule of thumb.
0 votes Thank Flag Link Fri Sep 24, 2010
El,
The general rule is 2 years, but there are programs for some short sale sellers which under the right conditions allow them to buy sooner. You'll need to talk to a local lender familiar with all the details of your situation and the available programs to find out if you qualify.
0 votes Thank Flag Link Thu Sep 23, 2010
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