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.
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.