Category Archives: Buying after a short sale

When can I buy after a short sale?

Do you ever wonder how long your clients need to wait until they can get a loan after a short sale or foreclosure?

Your timeline to buy after a short sale all depends on the kind of loan you had, if it was an investment home, or if you went bankrupt. Look at the chart below to see where you fit in.

We have real estate attorneys that can help you figure out the best way you should go it you are facing a future short sale. Make sure you give us a call for any questions you may have concerning a short sale.

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short sale time line to buy again

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

 

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