In general, you will have to wait at least 2 years from the date of short sale before you can be eligible for financing the purchase of a home with a conventional mortgage.
FHA does reduce the wait to 1 year if you have extenuating circumstances. (Note: a divorce or the inability to sell a home due to a job transfer or relocation does NOT qualify as an extenuating circumstance.) Veterans who are eligible for a VA loan can be immediately eligible for another VA loan.
However, all lenders have 'overlays,' and can require longer waiting periods - some as much as 5 years! You should speak to several different mortgage lenders and brokers to see what their requirements are. Also bear in mind that requirements can change over time.... more
I started working when I was 11 going on 12. Making about 50 cents an hour when I first began but hey, I'm old, that was a long time ago and you have to start somewhere.
Babysit, animal sit, mow lawns, do errands, whatever it takes. Be creative and believe in yourself.
It can add up pretty quickly if you are good about saving and I love Don's idea about learning about how to invest in Real Estate.
The fact that you are reaching out to ask for help about how to help yourself says a lot about you (all good!).
If the mood strikes you, let us know how things are going.... more
Check realtytrac.com for foreclosure information in and around San Ramon. I counted pre-foreclosure (NOD) average 50 filings per month in San Ramon. That rate is getting worse recently. The NOD is a leading indicator of future foreclosure which strongly correlated to house price downward movement. Within 6 months, about 30 out of these 50 NODs (some of them are duplicate, and some will manage become current again) will eventually join already large distressed property inventory (either REO or short sale). That will be accounted for 50% of total re-sale homes in San Ramon per month. House price will not stabilize as long as distressed property inventory is till high.... more