Buying a Home in Tennessee After a Short Sale

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Mortgage and Lending with Van Dyk Mortgage NMLS:98535,Corp 3035

Who Can Buy A Home in Tennessee After a Short Sale

In most situations one must wait a number of years following a short sale of a home before they are eligible for a mortgage or home loan to purchas another home.

Bill McDonald Home Loan After Short Sale

You May be Able to Purchase a Home in Tennessee After a Short Sale

While it is true that Conventional loan requirements would prevent one from buying a new home shortly after a short sale, FHA guidelines do make provision for those that fit some pretty specific criteria.  The exception by FHA would not apply to those that sold their home “simply to take advantage of declining market conditions, and purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.”

However, if you sold your home in a short sale and are moving out of the area to a new location because your were relocated or moved to get a new or better job then you would not be disqualified under current FHA underwriting guidelines.

 

I just helped such a borrower.  He sold his home outwest with a short sale and moved to Tennessee because of his work.  He closed on the short sale in May and we were able to close on the purchase of his new home, with an FHA mortgage in June.

 

He did not have any late payments on his mortgage and the short sale payoff served as payment in full of he previous mortgage.  With these criteria in place, we were able to help him even after other lenders told him that he would not be able to purchase a new home due to the recent short sale.

 

If you have recently gone through a short sale and would like to see if you too would qualify for a FHA mortgage to purchase your next home, visit me online HERE give me a call at 866 435 6553.  A short telephone conversation may help you get into a new home, even after a short sale.

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Specializing in Government Home Loans.  FHA, VA and  USDA Rural Development

 

Alabama: License # 52935

Birmingham, Montgomery, Mobile, Huntsville, Tuscaloosa, Hoover, Dothan, Decatur, Auburn, Gadseden, Florence, Bessemer, Madison, Prichard, Phenix City, Homewood, Vestavia Hills

Georgia: License # 36362

Albany, Atlanta, Augusta, Alpharetta, Athens, Canton,  Columbus, Dalton, Dunwoody, Johns Creek, Macon, Marietta, Roswell, Sandy Springs, Savannah, Smyrna, Valdosta, Warner Robbins

Kentucky: License # MC305583

Louisville, Lexington, Bowling Green, Owensboro, Covington, Hopkinsville, Richmond, Florence, Elizabethtown, Frankfort, Paducah, Independence, Danville

Louisiana: License # 35486

Alexandria, Baton Rouge, Bossier City, Central, Denham Springs, Hammond, Houma, Kenner, Lafayette, Lake Charles, Livingston,  Marrero, Metaire, Monroe, New Iberia, New Roads New Orleans, Prairieville, Shreveport, Slidell, Walker

Tennessee:  License # 108470

Bartlett, Bristol, Chattanooga, Clarksville, Cleveland, Collierville, Columbia, Cookeville, Crossville, Fairfield Glade, Franklin, Germantown, Goodlesttsville, Hendersonville, Jackson, Jamestown, Johnson City, Karns, Kingsport, Knoxville, Memphis, Morristown, Murfreesboro, Nashville, Oakridge, Smyrna, Spring City

Texas

Abilene, Amarillo, Arlington, Austin, Beaumont, Brownsville, Carrollton, Cypress, Dallas, Denton,  El Paso,  Ft. Worth, Frisco, Garland,  Grand Prairie, Houston, Irving, Killeen,  Lubbock, McAllen, McKinney, Mesquite, Midland, Pasadena, Plano, San Antonio, Tyler, Waco, Wichita Falls

 

We offer VA Loans,  FHA Loans, USDA Loans, and more across Alabama, Louisiana, Texas and Tennessee

 

Bill McDonald NMLS # 95835

VanDyk Mortgage NMLS # 3035

 

Bill McDonald-VanDyk Mortgage

705 Gate Ln Suite 202 104

Knoxville, TN 37909

(865) 686-8711

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