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I just agreed to a short sale on my house in florida, I now live in Dallas. How lonf before I can buy again?
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November 17 2010 - Plano
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August 24 2013
As much as I hate to say this, renting is better than buying right now until the mortgage mess improves.

Even Suze Orman who many people follows is giving advice to bail on your mortgage if it is 20% or more below water.

Let somebody else take the hit on property values. Do not buy until to find the market you want to live in is on the upswing.
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September 29 2011
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ZEdward,
Think outside the box.

Look at the market and see who's offering OWNER Financing.

See who's willing to do a Lease/Option w/100% of Your lease payments going toward down payment.

The sellers are out there, and MANY of them are willing to negotiate terms like the ones above, so You need to get out there and start LOOKING for who's willing. FHA, Fannie, Freddie and traditional lenders may not be Your answer for quite some time to come....Sellers are stepping up all over the place to fill that void, to get out of where They're at, just like You , having formerly been 'stuck' here in Florida. You needed to bail, WITH a mortgage, many others are mortgage free, but in the same boat for a million different reasons.
HTH
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June 30 2011
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What if my credit score is 630. Paid all bills on time and paid off all ooustanding debt except student loan currently in repayment. Could I still qualify for a mortgage with the short sale one year ago. I do not owe any to the short sale lender. I am planning on buying a lesser home
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June 29 2011
While Justin gives some good info below, one of the other little known provisions that FHA allows is that you can buy a new home immediately (if you qualify in all other areas) after or during a short sale IF the following-
There is no notice of Deficiency (you don;t still owe the lender the remaining balance)
You are moving into a equal or lesser home (not price wise but home wise, as in downsizing)
You have made all of your payments on time over the last year.

FHA just doesnt want you buying a nicer home because of the depressed property prices and getting out from your current obligation.

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January 04 2011
Lewis is right. However I would add that each lender will need to look at what your credit score is after the mortgage lates. If your score is below 640 you will have a very hard time finding a new lender 3 years out. So, it depends on how far your score falls. 
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November 28 2010
Current guidelines are always subject to change...  pay your existing bills on time and stay informed for guideline changes....
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November 17 2010

If your were delinquent on your mortgage at any point before the short sale completed - 2 years with 20% down, 3 years with 3.5% down according to current guidelines.

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November 17 2010
 
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