When can I buy a home again?

So the question I get asked several times a day is: When can I buy a home again Mark?

To which I thought it best to reply in the form of a blog for all my agent partners to use for their clients.  Primarily so that we can dispel urban legend and post the facts.  Are there lenders willing to make exceptions not really, will guidelines relax - who knows.  We must always be careful with clients and remember its never whats said but what is heard by our clients that causes the acid reflux in our jobs. Right?  So ask clients to make their decisions based on what they know as facts today and not on a hope or rumor...otherwise we all know that old phrase will apply:"wisha shoulda coulda!"

So lets clear up the myths if you have NO mortgage lates and go through a SHORT SALE - YOU  CAN BUY IMMEDIATELY DETAILS HERE

But for all of our clients who are confused out here I have compiled the latest guidlines to help:

NOW here comes the bad news - Stategic Default.

This is defined as anyone who participated in "jingle mail", just walked from their homes, and NOW who cannot prove that they tried any government remedy or investor offered program ie. HAMP.  

They will have to wait 7 years before getting a conventional loan.  and for FHA some investors have said they won't finance you whatsoever - they simply don't want you as a borrower!

So for our sellers now when they meet with you - you can show them clear guidelines as to the cost of their decisions.  In my experience except for some legal issues regarding deficiency - it always seems that a short sale is in the best interest of the seller and offers the seller the best options to improve their situation.  I have even created a calculator to show the cost of short sale versus all options including a loan modification so a seller can see the financial benefit of a short sale over every permutation possible to help my agent partners: theultimatemortgagecalculator.com.

So I entrust this article on when can I buy a home again has been of help.  See an article on my short sale successes for Realtors® http://actvra.in/gTB