Question about short sales and first time home buyer status

Asked by Confused, Elk Grove Village, IL Wed Oct 10, 2012

Someone recently told me that to qualify as a first time home buyer, you can not have financial interest in a property for the past 3 years. My short sale closed in early 2010, so would I potentially be able to qualify for a first time homebuyer program in early 2013 after the 3 years is up if I decide to buy again?

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Answers

11
Brendan Ross, Agent, Chicago, IL
Sun May 12, 2013
yes, there are options for you 2-3 years after a short sale - definitely heed the advice of other agents here and talk to your mortgage broker.
Web Reference:  http://www.chicagorelaw.com
0 votes
Santiago Ken…, Agent, Chicago, IL
Sun May 12, 2013
I think you can buy a house after 2 years of your shortsale close
Creo que puedes comprar una casa despues de que tu shortsale venta corta cierra y pasan 24 meses
0 votes
Patti Kane, Home Buyer, Boulder, CO
Sun May 12, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
0 votes
Paul Cionczyk, Agent, GLENVIEW, IL
Mon Apr 22, 2013
Reaching out to a lender or mortgage broker will give you the best answers for your specific situations. Loan programs are constantly changing, and everyone's situation is different. If you sit down with a mortgage broker, they can look at your scenario and see if they can find something that will work for you. It's what they do, and how they make money. Sitting down or calling one should not cost you anything. Be honest with them.

Good Luck

Paul Cionczyk| Coldwell Banker Residential Brokerage |Broker
312-433-9931 | PaulCionczyk.Broker@gmail.com |PaulCionczyk.com
Web Reference:  http://www.paulcionczyk.com
0 votes
Greg Zajdel, Agent, Arlington Heights, IL
Thu Oct 18, 2012
if you can prove , that short sale was NOT a strategic DEFAULT only because you were financially distressed that waiting time is 2 years.
0 votes
Josh Weinberg…, Agent, Chicago, IL
Wed Oct 10, 2012
It is most important to work with a lender or mortgage broker that you know you can trust. They will be able to provide you with the correct information. If you would like a referral for a mortgage broker, please feel free to email me and I can send over their contact information.

Thank you!

Josh Weinberg
Weinberg Choi Realty
josh@weinbergchoirealty.com
0 votes
, ,
Wed Oct 10, 2012
Hello Confused - this is correct. You will be classified as a first time home buyer 3 years after the sale date of your Short Sale.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes
Bill J Delig…, Agent, Naperville, IL
Wed Oct 10, 2012
Speak to a lender and assuming your income, assets, and credit are adequate you should be able to get financing in 3 yrs.

Feel free to contact me should you have any Q's:

Bill J Deligiannis
B.Deligiannis@gofcm.com
First Centennial Mortgage
0 votes
Jorge Vega, Agent, Chicago, IL
Wed Oct 10, 2012
That is correct, after your third full year you are classified as a first time home buyer again.
0 votes
Matt Laricy, Agent, Chicago, IL
Wed Oct 10, 2012
I would check with a lender, I am not sure if you would be able to qualify.
0 votes
Philip Sencer, Agent, Chicago, IL
Wed Oct 10, 2012
You need to call a number of lenders to se what they say.
0 votes
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