Can I buy a home 2 yrs after I did a short sale? Would downpayment need to be 20%? I have good credit score.

Asked by Azgirl2000, Tempe, AZ Wed Nov 28, 2012

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Jennie Miller…, Agent, Phoenix, AZ
Thu Nov 29, 2012
I work with several lenders that can take a look at your situation. Please let me know if you want me to send you a list of their names and numbers.
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Brenda & Ron…, Agent, Mesa, AZ
Wed Nov 28, 2012

This will depend upon the circumstances of the short sale. I have seen some loan programs where the buyer was able to get a loan immediately following the short sale. I have also seen lower down payments. The best thing to do is to check with several lenders to see what programs they have that would work with your specific situation.

If we can help, either with lenders information or finding a home, please don't hesitate to contact us.

Best Regards,


Ron & Brenda Cunningham
West USA Realty
Ron: 602-499-0694

*** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" ***

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Tim Irvine, Agent, Phoenix, AZ
Wed Nov 28, 2012
AZGirl2000 - The current wait time for a new conventional loan is 2 years after a short sale and you would need to put 20% down. If you wait 4 years, you would need 10% down for a conventional loan. For FHA, you would need to wait 3 years unless you completed your short sale without missing any payments (very rare, but possible). Your short sale must have also been due to a financial hardship and not a strategic short sale. One other cautionary note - when you speak with a lender, have them pull your credit to see when the short pay-off was reflected on your credit report. While you may be 2 years removed from the closing of the previous property, you can't get a loan until 2 years from the posting on your credit report. I have clients who had to wait an extra 6 months due to the delayed posting on their credit report. I have several great lenders in the Tempe area if you would like a referral.
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Becky Kitson…, Agent, Scottsdale, AZ
Wed Nov 28, 2012
Yes, you most likely can. My understanding from my lender is that with conventional, you'd have to put 20% down but with FHA, you'd only have to put 10% down (it is possible to only have to put 3.5% down with FHA but only under very limited circumstances). I have an informational packet about buying after a short sale that my lender provided to me. Feel free to either email me at or call me at 602-295-9695 if you'd like me to send you a copy. I'd also be happy to set up a no obligation phone call with this lender to discuss in more detail if you think that'd be helpful to you!

Becky Kitson
Keller Williams Realty
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Jeffrey Masi…, Agent, Scottsdale, AZ
Wed Nov 28, 2012
Yes, you probably could with the right conventional lender. Also, there are seller may carry homes out there also. The seller may carry option gives you several years to come up with a conventional or FHA loan. You may need 20% for a seller may carry home. There are also hard money lenders that will lend to you at a higher interest rate on a interim basis until you can qualify for a FHA or conventional mortgage.
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Doug McVinua, Agent, Gilbert, AZ
Wed Nov 28, 2012
We have helped many in your situation with 3.5% Down Payment at good rates.

You may well be ready today, lets get you going.
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