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Waiting Peroid Changed

Hello;
I understand, that the VA and FHA and some leanders, the waiting peroid to buy a hhome changed from 3 years to 1 year. Did the law change, or because their is so much unsold property.

I went threw a short sale, had to put up with real estate and rude clients, they would call and come by with out a appointment at all hours. I even had some agents and clients try to take personal items, saying, since I was poor, anf a dead beat, I did not need them. One agent and client kicked my dog, looked in my refrigrator for a drink,Some of the agents, wanted me to serve coffee and snacks, some wanted us to wait out side. I caught one agent and client, using my computer and making phone call with out my permission. Then we wonder why you only need a 8th grade education to sell real estate, A rock of professionalism, thee agents in Californis are not.


I have the opportunity to buy my home back, because of a lawsuit, I won, so it you know the answer plese let me know. Much Appreciated

Al Galaviz
Tracy, California
  • September 19 2013 - Tracy
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Answers (6)

Hi Al,

The FHA rules did change but there are very specific guidelines that would allow you to purchase again. [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
Thanks,
Craig Bosse
  • December 09 2013
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Hi al 
 fha loan rules are same but it has been extenuating circumstance they are allowing purchase option 1 years. please call me may be i can help you . 
  • October 26 2013
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You can obtain a conventional mortgage just 2 years after a short sale and FHA is still 3 years.
  • September 19 2013
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Lenders relaxed the time frame a bit because they want to make loans and realized that there was a vast pool of potential buyers who had short sales. We are sorry you went through such experiences when selling your home the first time. This is a unique business sometimes. My partner and mother has been a broker in California since 1976 so she says she understands exactly what you are saying about your experiences. There is something about short sales and foreclosures that brings out poor manners in many people who view a home, whether investor, buyer or agent.  If you can buy your home back at a good price and feel that is what you would like to do, speak with a reputable lender and see if you can get a preapproval. The rules are more stringent now but the short sale forgiveness period has shortened.. You won't know until you try. Good luck.
  • September 19 2013
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I am not sure what question you are entirely asking but the reason why the FHA loans are able to be given to people after 1 year now is because there was a change in the FHA guidelines.
  • September 19 2013
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FHA guidelines changed about 1 month ago.  If you can verify your short sale was the result of 20% or greater loss of income and also can show that you have reestablished timely credit performance over the last 12 months, you would be eligible for the new FHA guidelines. 

The guidelines also require that you complete HUD approved housing counseling 30 days before you apply for this program, so if you think you might fit, you would have to do the counseling first and then apply next month. 
  • September 19 2013
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