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 all 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
KW Coastal Estates
Carmel Ca. 93923