Profile picture for Hay_Papi

When and how can some one who short-sold a home buy again?

  • January 30 2013 - Chandler
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (14)

Profile picture for Academy Mortgage AZ
It depends on how your credit has recovered and what funds you have for a down payment. You may be eligible as soon as 2 years after your short sale if you have 20% to put down.

Otherwise you would need to wait 3 years to be eligible for FHA financing and a minimum down payment of 3.5%.

I recommend calling your local lender to take a look at your credit and verify the date you are eligible to purchase again.

Jake
  • January 30 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It really depends on your credit and if you kept current while going through the short sale process. I have heard that if you remained current on your mortgage and other payments during the short sale, you could be able to buy right away. (Although, I have never actually seen this happen.) Contact a few lenders to see what they have to offer. 
  • January 30 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A number of factors must be taken into account. I would say the first item to address is the amount of time that has passed since the short sale occurred.

Generally speaking, in order to get an answer that is complete and accurate it would be in your best interest to contact a mortgage professional.

Someone that can gather the necessary information in order to look at the "whole picture" and advise you accordingly.

Hope this helps.
  • January 30 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You may be eligible to buy today.  There are few lenders that offer loans with no seasoning on short sales or foreclosures.  Typically they will require 20%-25% for down payment.  In most cases the down payment can be a gift with, with %5 of your own funds in reserves.  Hope that helps. 
  • January 31 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

FHA guideline is...if you were not delinquent when you did the short sale and you are not just selling the home to take advantage of the market, then you can buy immediately.  So you would need to do either down size up buy up if you had an increase in family size.  Also if you had to relocate for a job.  If you were late on the payments, it would depend how late.  Typically if it is over 90 days late they will consider that to be a foreclosure and you would have to wait the 3 years unless you're a vet and it's only 2.  I hope his helps.
  • January 31 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

See above.. and watch out for those lenders who say we can get you done in just a year. Usually their rates are though the roof. 
  • February 05 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Please talk with a local lender, lots of moving parts to this question including current FICO scores, and etc.  I had clients recently purchase, they credit had been repaired enough from a foreclosure, they had to wait 2 years and was able to purchase again after the 2 years.

Talk with a local lender, for any buy in today's market getting pre-approved should be their 1st step.  Next, start a relationship with a local Realtor.

Best of luck.
Spirit
  • February 05 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There are a few ways to buy right away after  a short sale.  One way is not to have ever been late on your mortgage.  Lots of sellers with short sales have never been late.  Secondly and most important is the loan program that allows you to buy right after a short sale.  If you contact me I can point you in that direction.
  • February 07 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

[promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • March 28 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Call a local lender or ask for a referral. If your credit score has improved then you have more chance to qualify for a mortgage.
  • August 13 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi Hay,

[spam deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

Thanks
  • October 09 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for James Sanson
I am a realtor, and not a loan officer, so this means I have access to all of the programs out there. I deal in traditional and non traditional financing. I have dealt with short sales where they have bought within one year with traditional financing, and I have programs the next day you can buy with a short sale with non traditional financing. 
  • November 02 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hello,

Most financing will have a waiting period however there is an option that doesn't require any wait after a Short-Sale. It's an exclusive portfolio product, therefore the guidelines don't have to match typical gov't backed guidelines. You're going to need a 20% downpayment and a 660 Mid FICO score to qualify. Let me know if you want more info.

Good Luck!
  • January 23 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

First thing is to make sure your credit report is 100 % accurate with the timeline of events. (Make sure the DLA section is correct on the report.) This will allow you to close at the first day the guidelines allow. FHA, VA and conventional loans all have different time lines. Keep in mind your down payment will play a roll in that time line as well.  

Please contact me with any questions
  • January 24 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.