how long before I can buy a home again after a short sale?

Asked by maria garcia larios, Bakersfield, CA Tue Jan 22, 2013

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Charis Brown, Home Buyer, Washington, PA
Sun Mar 24, 2013
You don't have to wait for long. According to this site you can qualify one day after a foreclosure. Owners who have had a foreclosure 2 years ago just got approved to buy a new home. They have a program called Flexible Credit Loan which help home owners who recently opted for a short sale have a second chance at home ownership.
1 vote
, ,
Thu May 22, 2014
You don't have to wait.....

We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score.

This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA
0 votes
Harold Lear, Agent, San Diego, CA
Wed Apr 23, 2014
We have a new loan that is 100% financing, NO INCOME VERIFICATION, NO CREDIT VERIFICATION, NO JOB VERIFICATION...Minimum loan amount is $100,000 and no Maximum... Can be used for Commercial or residential.... The payment is equal to a 4.5% rate. Regular fees apply. Want more information? 858-945-1047
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Wed Apr 23, 2014
Only a reputable lender can answer that for you after reviewing your qualifications.

Typical guidelines say 2 years for VA, 3 years for FHA or USDA, and 2 years conventional at 80% LTV, 4 years at 90% LTV and 7 years for anything over 90% LTV
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Mark R. Barr…, , Bakersfield, CA
Tue Apr 22, 2014
I can do next day with FHA if there were no late payments leading up to it, otherwise if you want a low down payment from FHA 3 years in most cases and in other cases 1 year with the "back to work" program. In general Conventional is 2 years with 20% down and 4 years with 10% down and 7 years with 5% down. I can also do 1 day out of short sale or foreclosure with 20% down, 6 months reserves and few other conditions on our portfolio product. it just depends on your situation and what you have to work with.
0 votes
crazytaximom…, Renter, Goodyear, AZ
Wed Apr 16, 2014
how long do I have to wait to buy a home. I short sold my home in Sept 2013 and are there programs to help buy?
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Patti Kane, Home Buyer, Boulder, CO
Tue May 14, 2013
I had a short sale last year and my Realtor recommend for a home loan. I am very happy to be able to purchase again.
0 votes
Cameron Mill…, Agent, Bakersfield, CA
Tue Jan 22, 2013
Typically 2-3 years. As stated by one of my colleagues, a lender can definitely help you assess where you are currently and give you a clear picture of how and when you can buy again. Good luck to you.
0 votes
Jenny Camero…, Agent, Bakersfield, CA
Tue Jan 22, 2013
Hi Maria,

Typically the time is 3 years from the time of your short sale although I have had clients buy in two. The best thing to do would be to speak with a good lender and they will be able to set you in the right direction. If you need a good referral I work with a lender that is very good and can give you all the information that you need.

Jenny Cameron
0 votes
, ,
Tue Jan 22, 2013
With conforming (Fannie Mae/Freddie Mac) financing a minimum of 2 years is all that is required. You'll need 20% down, but if the short sale was due to documented extenuating circumstances (medical, job loss, death of a wage earner, etc.) then 10% down is permitted. At 4 years then 10% down is permitted no matter the reason for the short sale, extenuating or not. At 7 years then maximum financing is available (which currently requires 3% down).

FHA normally requires 3 years from the short sale, but can be OK with just 1 day afterwards if you were current on your mortgage at the same of the short sale, your payments were made on time for the 12 months prior to the short sale & you aren't looking to take advantage of declining market by purchasing a similar or larger home in the same area as you short sold. FHA currently requires a 3.5% down payment.

If you are using all cash to buy - then no waiting period :)

Shane Milne | Lending in all 50 states | NMLS #81195
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