You are correct, but there are certain conditions you going to have to make/have. I strongly
Suggest you call and discus this matter with 3 different lenders. I highly recommend you give
Lewis Strasnick, (NMLS 210167) Mortgage Planner, with American Equity Mortgage
Cell (386) 547-3021. efax (866) 360-1913
website : http://lewis.strasnick.americanequity.com/
A call. It is my understand you can be correct! Why wait when the opportunities out there for you are great!
My understanding is, if you went through a short sale and are ready to buy a home again, there are different rules depending on which type of loan you are considering, how much you are planning to put down as a down payment and whether or not you had late payments on your old mortgage before the short sale was completed.
Fannie Mae/Freddie Mac Mortgage VA Mortgage FHA Mortgage
Wait Time 4 years with 10 percent down or 2 years 3 years or
2 years with 20 percent down or * Immediately
2 years with 10 percent down and extenuating circumstances
So while it is possible to buy again after a short sale immediately depending on the above circumstances, the more common scenario is to wait for two years and get a Fannie Mae/Freddie Mac loan with 20 percent down or waiting three years and getting an FHA loan with 3.5 percent down.
Give Lewis a call (Cell (386) 547-3021) and get the CORRECT answers.
you may also enjoy my pinterrest page: http://pinterest.com/realtorronw/
and my other blog: http://rwolchesky.wordpress.com/
Good Luck J My Best
Ronald (Realtor Ron W) wolchesky
"Success is when we work together to achieve your GOAL!"
License in Florida