Home Buying in Lawrence>Question Details

Iris, Renter in Lawrence, MA

I did a short sale. When can I buy? If I have 20 percent down does it change the answer.

Asked by Iris, Lawrence, MA Tue Sep 18, 2012

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5
Heath Coker’s answer
This is best answered by a local lender. They have some flexibility the national lenders may not. Also your other credit info will have an effect and the value of the property you want to buy.

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0 votes Thank Flag Link Thu Sep 20, 2012
Hi Iris,

Aside from bank financing, there's the option of seller financing. Most sellers are not in the position to offer financing, but don't rule it out. The challenge is to find a seller who is in the right situation and has a propery that works for you.

This is not generally offered as an option on the listing. You agent will have to do a little research to find properties where the seller may be open to this proposal.

Good luck.

Wayne
0 votes Thank Flag Link Wed Sep 19, 2012
It depends, there are many variables (e.g. credit, employment history DTI). when did you do the short sale? It is possible to buy again after a short sale in as little as 24-30 month period given that the buyer has worked diligently re-establishing credit, paying on time and savings etc.. certainly possible. You can always contact a lender to get a pre-aaproval and see where you currently are at this point in time. We'd be glad to help if you need assistance. info@wenrealty.com
Web Reference: http://www.wenrealty.com
0 votes Thank Flag Link Tue Sep 18, 2012
If you were current on your mortgage immediately if you were in arrears 2 years down payment does not influence time.
0 votes Thank Flag Link Tue Sep 18, 2012
thanks.
Flag Tue Sep 18, 2012
Two years provided there were no late payments on the mortgage.
0 votes Thank Flag Link Tue Sep 18, 2012
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