Over the last couple months I have written a couple posts about the general qualifications to and waiting periods to make a home purchase after a short sale, foreclosure, or bankruptcy. Different types of loan have different requirements. For example, the requirements are different for FHA loans vs Conventional loans.
Well last week I was contacted by journalist Michael Shaw with the Sacramento Business Journal for an article he was writing about folks who have returned to the Sacramento real estate market to make a home purchase after completing a short sale. You can read the article from October 28th's edition of the Sacramento Business Journal "Owners who lost homes try buying again" here.
Yes - if you completed a short sale on your home, in many cases you can be eligible to qualify for a new mortgage loan within a couple years. OR if you did not miss any payments leading up to your short sale (yes I have completed short sales where the seller hasn't missed a single payment!) under certain circumstances you regain your purchasing ability almost immediately. As mentioned in the article, if you sold via a short sale and are thinking about purchasing in the next year or so -- start the planning process now. Meet with a trusted loan officer who can run your credit. Aside from the short sale, the rest of your credit must be pretty clean. By clean, I mean no late payments for the last year, few or no open collections, no liens, judgments, etc. Be proactive and make sure you can present the best financial scenario possible when the time is right to buy.
I have worked with clients who purchased again after a short sale...and I am helping others get ready to purchase next year. Also while the article specifically addresses buying after a short sale, you also have purchase options after bankruptcy and foreclosure. If you need a referral to a great loan officer as you prepare to give home ownership another try, just email me.
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