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Chp 7, home was incl but we pd mtg for 2 yrs then got transferred so we short sold. When can we buy?

  • September 08 2012 - Orlando
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Answers (5)

My experience has been 3 years after the short sale or bankruptcy, whichever was later, you can obtain FHA financing. If you need to speak with a lender contact me via my Zillow Profile and I would be happy to introduce you to my preferred lender.
  • November 27 2012
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Any late payments?

  • October 04 2012
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Both answers below are correct in most cases but there is depending on the flexibility of your search area an option.

The USDA loan program has no real seasoning but a case by case review so if your short sale was for legit reasons and you have the ability to pay a mortgage you may qualify.

But then there's the chapter 7 and throwing that into the mix could bring in a timeline depending on it's seasoning period that also differs from loan to loan.

Best to pose these scenario's to a mortgage broker, [deleted by Zillow moderator]

hope this helps,
  • September 09 2012
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Contact a local lender for a free pre-approval.  They can usually give you a month and year that you'll be able to qualify again.  Takes all the guesswork out for you.  Good luck!

Jeff Metcalf, REALTOR(R)
Watson Realty Corp.
  • September 09 2012
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Assuming you need a mortgage, usually 2 to 3 years after the short sale depending on the type of loan desired.  
  • September 08 2012
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