I shortsaled my home sept 2013, my finances has improved since then. How soon can I buy a home again?? Thanks

Asked by ron503, Hillsboro, OR Tue Feb 11, 2014

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Sue Briggs, Agent, Portland, OR
Wed Mar 26, 2014
Extenuating circumstance is the key. If your reason for mortgage default is on approved qualifying list for re-purchase a home, then yes you possibly can purchase a home in a years time.
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Paul Campbell, Agent, Portland, OR
Tue Feb 11, 2014
Hello Ron503,
Sorry to hear about the short sale but it's good to hear you have things turned around! FHA does allow some borrowers to qualify for a new FHA loan as soon as 12 months after a short sale. The basic guidelines are:

Borrowers are considered eligible for a new FHA-insured mortgage if

• they were current on their mortgage and other installment debts at the
time of the short sale of their previously owned property, and

• the proceeds from the short sale serve as payment in full.

Reference: For detailed information, see “Short Sales” at 4155.1 4.C.2.l

Borrowers in default on their mortgage at the time of the short sale (or pre-foreclosure sale) are not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale.

More information on this subject can be found here:

I would love an opportunity to work for you. If you do not qualify for a new FHA loan, I would be happy to work on finding an owner carry contract home that may fit your needs.
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Kelly Gebler, Agent, Portland, OR
Tue Feb 11, 2014
Hi - very possibly sooner than you think! I work with Mitch Carpenter at Cobalt Mortgage and he's been able to get an approval for a home buyer as soon as 1 year after a short sale or foreclosure....even when other Mortgage Brokers and Banks have turned them down. He's got some phenomenal programs to help get you credit worthy again and they even provide you with a moving truck and movers when you close a sale. I'd give Mitch a call and get started! His number is 503-706-2294.
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Dan Tabit, Agent, Issaquah, WA
Tue Feb 11, 2014
The rules have changed on this from time to time and will vary depending upon the circumstances that caused you to sell short. You can meet with a great local lender to discuss your situation and get the latest news on options available for you.
If you can't buy right now, please take the time to set aside as much money as you can. Pay off any other debts and position yourself for financial success. Avoid debt, but uses credit wisely, paying off any cards as quickly as possible. Cash is hard to come by and hard to replace, build up a savings account and resist temptation. When you are ready, you'll get better terms than others who don't follow these steps. Best of luck.
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