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You Can Buy Another Home Immediately After a Short Sale- The Tale of Two Short Sellers in Woodbridge, VA
The Tale of Two Short Sellers in Woodbridge, VA
About a month ago I wrote a post " Can I Buy a Home Immediately After a Short Sale"   Last week we closed the loan that inspired the aforementioned post. "Ms. M" short sold her home although she was never late on any payments. Her lender agreed to the sale due to an extenuating circumstance. After the sale, her desire was to continue to be a homeowner. Since, she met the criteria we were able to close on a FHA loan to purchase a home in Stafford, VA. One of the reasons this client was able purchase a home immediately after a short sale was the fact that her previous lender did not trash her credit. She continued to be rated as a M1 meaning mortgage account with no late payments. Part of the criteria to purchase a home immediately after short sale is to show no late payments in the last twelve months and be current at the time of sale.   Seller #2 were able to successfully short sale their Woodbridge home, but unlike Ms. "M" they will be renters for at least the next two to three  years, due ... more

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