jessicalalvey, Both Buyer and Seller in San Tan Valley, AZ

whats the turn around time for buying another home after shortselling?

Asked by jessicalalvey, San Tan Valley, AZ Tue Oct 30, 2012

first home was FHA would like to buy antoerh FHA loan home.

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Answers

8
Harrison Wol…, Agent, Hallowell, ME
Sun May 24, 2015
Find a local realtor, ask them to refer you to a lender for advice! Details on the short sale are important here...I worked with a buyer who did a short sale 18 months prior, but had built the credit back up quickly and the lender was able to make a case that the short sale was not the buyer's fault (divorce) and that's not an accurate reflection of how her credit was used...so she was able to purchase long before the normal wait period.
0 votes
Lee Cunningh…, Agent, Mesa, AZ
Sat May 23, 2015
While you should certainly speak with your lender, you should also know that there are a few lenders out there that can get an exception for this (i.e., not needed to wait the 3 years). I currently have a client that is using just such a lender for this reason. If you would like the lender's contact info, please let me know!
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Edward Maddox, Agent, Florence, AZ
Sat Feb 28, 2015
You are right Jan, need to contact an experienced mortgage broker.
0 votes
Jan Pickering, Agent, Florence, AZ
Mon Feb 23, 2015
Speak with your lender directly....
0 votes
Judy Van Ess…, Agent, Mesa, AZ
Tue Oct 30, 2012
That is really a question you should ask your accountant or your lender. Jon Miller of Academy Morfgage may be able to help you with that. Also, I happen to work with an investor who does what is called a "Rent To Own" program. You sign a purchase contract that gives you 3 years to actually get a loan on the home that you "rent" in the ensuing 3 years. The home is considered yours - if you want to paint, you do! It is a great program. If you would like more information, give me a call at 480-250-1470 and we can talk about it.
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Tue Oct 30, 2012
You should speak with a lender directly about your situation so that they can make recommendations for you.
0 votes
Bryon Jones, , San Tan Valley, AZ
Tue Oct 30, 2012
Great question, to buy again with an FHA loan or conventional it is 3 yrs after the Short sale. If you are purchasing again and are a veteran using a VA loan it is 2 yrs. I hope this answers your question, let me know if you have any other questions or concerns.

Bryon Jones
Realtor
West USA Realty Revelation
Direct- 615-804-8639
Featured in Top Agent magazine - http://bit.ly/BryonJones
0 votes
Loren Hoboy, Agent, Phoenix, AZ
Tue Oct 30, 2012
Short Sale Waiting Period:
http://centralazhomes.com/az-home-loan-programs/home-loan-wa…

You can get the loan waiting period from a table on my website above. Basically FHA is 3 years with 3.5% down. A conventional Loan is 2 years with 20% down. VA loan is 2 years with 0% down. USDA loan (works in San Tan Valley) is 3 years with 0% down.

If I can help further, please call.

Loren Hoboy-Realtor
Your Local Expert
Central AZ Real Estate
LHoboy@centralAZhomes.com
623-688-0004
0 votes
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