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If I Sell My Home as a Short Sale, Will I Ever be Able to Buy a Home Again?
Short Sale is a word that has become very common in real estate in the last year or two. For more information on short sales in general see Do You Need a Short Sale or What is a Short Sale.
One of the questions I have been asked by my sellers is we really need to sell our home, but it's going to be a short sale, and we're concerned that we won't be able to buy another home later? What can you tell us about buying later?
How long it takes to buy another home will depend upon several factors. Will the bank report the short sale to your credit? If it doesn't, it will likely be easier for you to buy a home quite soon, depending upon your general credit profile and any late payments, as well as the other usual factors for getting a mortgage.
But, if it is reported on your credit, then according to Lynn Nelson of MetLife Home Loans, a seller should be able to qualify for an FHA loan between 2 and 3 years after a short sale if they establish new credit and keep their old credit in good standing.
Currently FHA ... more
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