Dkarp3030, Home Buyer in Wading River, NY

Can you sell your home as a short sale, and still qualify to buy again shortly after?

Asked by Dkarp3030, Wading River, NY Fri Jan 25, 2013

Help the community by answering this question:


Guidelines are very clear on this. If you're selling your home as a short sale, and you're also not paying the mortgage, the answer is no. You'll have to wait at least 2-3 years before you're eligible for a mortgage again. If you're doing the short sale and not defaulted on a single monthly payment, you might be able to qualify for a mortgage right away.

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
1 vote Thank Flag Link Fri Jan 25, 2013
It depends on a number of factors, and I cannot comment without knowing your individual situation. You should consult an Agent of your choice to assist you in determining if you could purchase a home. There are a number of questions that need to be answered before we can determine this including;
1. Are you in a position to qualify for a mortgage?
2. How long ago was the short sale?
3. Do you plan on paying for your new home in cash?
4. Do you have funds to cover the initial funds to purchase a home, like closing costs, down payment requirements, etc?

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
0 votes Thank Flag Link Fri Jan 25, 2013
It all depends on the circumstances of the short sale.
If you were current on all mortgage and other debt payments
for the 12-16 months preceding the short sale, you're eligible
immediately for a new FHA-insured mortgage.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Fri Jan 25, 2013
Depends, are you paying cash... how long ago was your short sale, etc.; if purchasing with a mortgage, current current income, credit, etc., are factors; for a personalized answer visit with any licensed loan officer....
0 votes Thank Flag Link Fri Jan 25, 2013
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