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How long do I have to wait to purchase a home after a short sale? Who does sub prime loans now?

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September 22 2010 - South Whittier
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Current rules state that you have to wait 2 years if you have 20% down, and 5 years if you have less money down. Of course this depends on the rest of your credit history as well.
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October 04 2010
The current guidelines are that you have to wait two years after a short sale. There are lenders who will do loans that would be called "sub prime" with down payments in the range of 35% of purchase price. If you were current on your payments prior to the short sale, you might be qualify for a more conventional loan in less than two years.
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September 29 2010
Buying a home after short sale contains all the guidelines you'll have to meet inorder to purchase another home.

If you had any mortgage lates prior to the short sale, lenders will treat it as a foreclosure, you'll have to wait the prescribed amount of time as outlined in the guidelines. 

I agree with Michael if you have to get sub-prime loan you're putting yourself back into a bad situation.  It's best that you get your credit in order and start saving for your downpayment. 
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September 22 2010
I recall that FHA had a clause that they would back buyers who did a short sale as long as they were current on their payments of the home they short saled. I could see where someone may have had to short sale a home for a higher price because they could no longer afford say a 500k home but maybe they can afford a 150k home. I guess that's up to the lender to decide.
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September 22 2010
You lost a house in a short sale and now you want to borrow from a sub prime lender to buy another house?

If it were even possible, it seems like a recipe for disaster.

You would probably have better luck doing a contract for deed sale.

But if it were me, I would wait.
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September 22 2010
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3 years is enough, you will have good enough credit by that time.
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September 22 2010
 
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