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how long after short sale before I can buy another house?

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December 09 2013 - US
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Answers (3)

The waiting period can depend on the type of loan you choose or can qualify for. For example, the waiting period for an FHA loan is usually around three years. It can be reduced to one year if your short sale was due to an economic or extenuating event that led to a decrease in income. On the other hand, conventional loans can be anywhere from two years and seven years. If you have 20% down, the waiting period is only two years. If you have 10% down, the waiting period is four years. Lastly, if you have less than 10% down, the waiting period will be 7 years. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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December 12 2013
You could possibly qualify after 12 months with the FHA Back to Work program.  There are specific qualifications for this program, so you need to speak with a Loan Officer to see if you qualify. Outside of that option, typically you need at least 3 years out to get a loan.  Feel free to contact me through my profile, I would be happy to assist you and answer any questions you may have.
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December 10 2013
You can go 2 years if you have 20% down OR you are eligible for VA financing and have VA benefits.  Otherwise, if less than 20% down and you do not have VA benefits FHA is a 3 year wait. 
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December 09 2013
 
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