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Buying a home after a Short Sale or Foreclosure???

by Scott Cooper, Big Valley Mortgage

Many people believe they won’t be able to purchase a home for at least 7-10 years after a short sale or foreclosure, however, I am happy to inform you that is not the case. 

Although your credit will be affected, you will be surprised how quickly you can buy again.  The following are some commonly asked questions and answers you may find useful:

Q. How long after a short sale before I can buy another home?

A. New FHA guidelines state there is no minimum wait period after a short sale before you can buy another home if you do not have late payments on your mortgage and your credit history is acceptable.

Q. If I have late payments along with a short sale, how long before I can buy again?

A. The current guidelines require a two-year waiting period.

Q. How long after a foreclosure before I can buy again?

A. With an FHA loan, the minimum wait period is 3 years after a foreclosure.

If you need further information, or would like assistance with credit repair, contact me:

Scott Cooper

This entry was posted on Friday, November 13th, 2009 at 4:57 pm and is filed under Buying a Home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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