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How long will it take me to be able to buy a home again?

I recently completed a shortsale in AZ. The shortsale was due to my job relocating me across the country. At the time of close of sale I was current on both my 1st mortgae and my purchase money only HELOC. I never missed a payment nor had a late payment. So what I wanted to know is when or if I would be eligible for a loan again. My credit was in the high 780's have not seen affect from shortsale yet. Thanks.  
  • January 27 2011 - US
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Answers (5)

There is a 12-24 month time period after a short sale.  Then your credit, income and debt ratio must meet guidelines.

It sounds like you tried to do everything right.

 wish you the best. 

  

 

  • February 03 2011
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Since you were current on your home when the short sale took place, you can qualify to purchase a home right away. Good luck to you.
  • February 03 2011
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We can finance today!  As you stated, you had zero late payments leading up to the short-sale.  We have closed on many buyers in the same situation.  Our DE underwriters follow HUD/FHA guidelines and do not "overlay" the rules.  Many times it is the lender you work with, not the guidelines they play by when determining IF you can qualify.  Most banks want you to wait 12-24 months due to THEIR own guidelines, not FHA's.
  • January 28 2011
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usually 12-24 months
  • January 27 2011
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There are some instances where you are able to buy again right away.  Every lender is gonig to have its own overlays/policies on this.  Best bet is to reach out to a few and see what can be done.
  • January 27 2011
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