New Rules for Buying after a Short Sale- August 16, 2014 deadline!

Starting August 16 2014, if you short sold you home over 2 years ago and saved for a 20% down payment you would now have to wait 4 years instead of 2!

You can still get it done now if you act fast! If your application date and underwriting is done prior to August 16th 2014, the loan may still close after August 16th, 2014 , as long as 2 years has passed and the loan either receives an Approve/Eligible or the loan qualifies for manual underwriting guidelines.  Not Short Sale Repurchase changes after August 16 2014all lenders can do this. Call us for a lender that can get this done for you now while you still have a chance.

Please note, Fannie Mae does approve extenuating circumstances for a 2 year repurchase. Call now to see if you still qualify for a 2 year purchase after a short sale.

If you are planning on doing a short sale in the near future and have a real hardship, keep records of your hardship, so when you plan to buy again, you can demonstrate your hardship for a 2 year repurchase.

Current Guidelines for Eligibility after a short sale for FHA is 3 years, VA is 2 years, and USDA is 3 years.

Call the Kathy Dyer Monterey Peninsula Short Sale Specialist to help you find your home now.

Kathy Dyer Realtor CABRE #01723710

kdyer@KW.com  831-717-7047

KW Coastal Estates

Carmel Ca. 93923

Kathy Dyer Realtor with KW Coastal Estates serving the Monterey Peninsula area

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2 responses to “New Rules for Buying after a Short Sale- August 16, 2014 deadline!

  1. We made the August 15 deadline however we seem to be having problem with our seller…if this sale falls through can we use the same approved loan for this house on another property? Thanks.

  2. Hello Jose,
    That is a good question. Since this is a new rule I am not sure of the answer. I am a Realtor so the person that you should ask is your lender that approved you already. Let me know what he says too. I would believe that you would have to have had DU approval “FHA underwriting approval” before August 16th in order to qualify for this exception to the new 4 year ruling. That would be with the house that you would buy. Let’s hope that the seller works out on your present sale.
    Let me know how it goes. Good luck!

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