How Long Do I Have To Wait After A Oakley Short Sale To Buy Another Home?

Real Estate Broker/Owner with Elite Realty Services CA BRE 01121873

Oakley CA - The Stop Foreclosure Institute gets asked this question quite a bit. The answer depends on the type of loan you are looking to use to purchase your next home.

Here are the details on your options to buy another home after a short sale.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Owner Financing. You can buy a home with owner financing anytime after a short sale.

FHA Financing. (FHA is very popular because it only requires you to put down 3.5% and pay your closing costs. You  can usually convince the seller to pay your closing costs, thereby reducing your down payment to 3.5% of the purchase price.)

FHA's current guidelines state that you can get an FHA loan immediately after a short sale, provided that you never missed a payment. If you were in default at the time of the short sale, then you have to wait 3 years before they will approve your loan.

Fannie Mae Loan. Fannie Mae is the most common loan program. You can get a Fannie Mae Loan in as little as 2 years after a short sale. But, you have to put 20% down.

If you wait 4 years, then you have to put a minimum of 10% down. After 7 years, you can get a Fannie Mae Loan and put less than 10% down.

The most attractive (and currently most popular) loan program in America is FHA. The reason is because it's down payment requirements are much lower than anyone else. It looks like the best option to buy your next home after a short sale.

Thinking about a loan modification?Our Oakley loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet.  Send me an e-mail at to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 877-843-8300 Ext. 1

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

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Thanks for reading this information,

Adrienne Smith (CA DRE# 01121873)

Adrienne is a Real Estate Broker Associate at Better Homes Realty

Phone: 888-503-2136


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Adrienne Smith specializes in Foreclosure Avoidance Assistance including but not limited to loan modification assistance and short sales in Oakley California. Oakley Loan Modification Help, Oakley Short Sales, Oakley Short Sale Realtor. Oakley CA Short Sales. Oakley Realtor.

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Important Notice:  Adrienne Smith, Better Homes Realty, and the Stop Foreclosure Institute are not affiliated  with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are smith's personal views and do not reflect the views of Better Homes Realty.

This information is provided as a courtesy to our viewers to help them make informed decisions.

Comments (1)

Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

Well sometimes i dont know what to think of short sales. They are getting better and then they are not!

Aug 17, 2011 04:46 PM