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Answers (9)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Sandy,
A lender will lend to you as long as you were not in default of any payments. If you were in default you would need to wait at least two years.
Happy funding, Rudi
No. You can buy a home the day after a short sale if you want. You will need cash, or to borrow from a friend. If you need a loan, you might want to contact a lender for more accurate advice.There are over 100 banks and mortgage lenders in Chandler, to choose from.
- Randy Hooker, "GoingForIt"
- Contributions:395
The main point is that you need to consult with a local, reputable mortgage lender - as opposed to asking total strangers on a national forum. If you want or need the name of a good lender, then please feel free to email me from my profile. All the best! :-)
- Spirit Messingham, "TucsonSpirit"
- Contributions:663
Talk with a local lender, see what they say. Sounds like timewise you would be "ok" but still need to be pre-approved. A good local lender will not only tell you if you are approved and for how much, but what you can work on to increase scores to the point where you can get a loan. While you are working on it, you can also start saving for the downpayment and or closing costs. It is a free call/conversation to the lender and then you will know for sure where you stand. Best of luck.Spirit
- Sharon Lewis, "Sharon Lewis"
- Contributions:3916
As you can see, there are several answers to your question. Talk to your lender and find out if you can qualify to get a loan, have you repaired your credit.
Good luck to you.
Good luck to you.
- Damon Williamson, "RealtorDamon PRO"
- Contributions:165
I should have been more clear on my first post...
If you continue to pay on the mortgage while the shortsale is going on then you can be back in the market quickly. If you stop paying and the lates get to over 120 past due then you are 2 years out from another buy.
I always tell me sellers to pay while the shortsale is going on, if you dont you will be limited on when to buy again with a traditional loan.
If you continue to pay on the mortgage while the shortsale is going on then you can be back in the market quickly. If you stop paying and the lates get to over 120 past due then you are 2 years out from another buy.
I always tell me sellers to pay while the shortsale is going on, if you dont you will be limited on when to buy again with a traditional loan.
- Jeff Masich, "Arizona Homes Land"
- Contributions:508
Dear Sandy:
For "traditional" loans you will have to wait 2 years.
However, if you have cash or relatives that can help the wait can be sooner.
Other options:
1. Seller may carry mortgage
2. Lease with option to purchase
3. Co-signer
4. Family member or Friend buys a home for you and you work an arrangement with them.
5. A Reverse Mortgage if you are a Senior
Jeff Masich
HomeSmart Realty
Arizona Homes and Land
For "traditional" loans you will have to wait 2 years.
However, if you have cash or relatives that can help the wait can be sooner.
Other options:
1. Seller may carry mortgage
2. Lease with option to purchase
3. Co-signer
4. Family member or Friend buys a home for you and you work an arrangement with them.
5. A Reverse Mortgage if you are a Senior
Jeff Masich
HomeSmart Realty
Arizona Homes and Land
- Sinead McAllister, "Oceanside Specialist"
- Contributions:142
It is my understanding that you have to wait at least 24 months. It is dependent on loan type, but the wait is anywhere from 24 months to 7 years.
- Damon Williamson, "RealtorDamon PRO"
- Contributions:165
No you dont, actually you can buy one almost immediatly afterwards as long as the bank did not put any stipulations on the shortsale stating other wise.
Also if they did not make you sign a note or are going to tax you on the loss you should be ok as long as your scores are still high enough for lenders.
They can be a problem for you but they are better than a foreclosure on your credit.
Also if they did not make you sign a note or are going to tax you on the loss you should be ok as long as your scores are still high enough for lenders.
They can be a problem for you but they are better than a foreclosure on your credit.
Do you have to wait the 3 years to buy a house after a shortsale? Are there any shortcuts?
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