BUY A HOME IN GILBERT 2 YEARS AFTER HAVING A SHORT SALE
Since there are so many people in the unfortunate situation of having to either sell their home
via short sale, died in lieu or have had their home foreclosed on, I thought I would give an update
that it is possible to buy a home in Gilbert 2 years after having a Short sale.
Once again, the requirements and waiting periods for a Buyer to qualify for a new home loan after
a short sale have changed. Fannie Mae changed the waiting period for the ability to obtain a new
home loan after a short sale or deed in lieu of foreclosure from 4 years to 2 years.
I have included the change announcement from Fannie Mae is below:
"To support overall market stability and reinforce the importance of borrowers working with their
servicers when they have difficulty repaying their debt, Fannie Mae is updating several policies
regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a
preforeclosure event (preforeclosure sale, short sale, or deed-in-lieu of foreclosure).
The "waiting period" - the amount of time that must elapse after the preforeclosure event - is changing
and may be dependent on the LTV ratio for the transaction and whether extenuating circumstances
contributed to the borrower's financial hardship (for example, loss of employment)."
As you can see, there are some restrictions and caveats after the loss of a home, but you can
buy a home in Gilbert 2 years after having a Short sale. Of course, in addition the borrower must have
re-built their credit after the short sale and shown a general good credit history.
We now sit a few years into the housing downturn and you or someone you know may already be 2 years
past a short sale or will be shortly. If you are wondering if you can buy a home in Gilbert 2 years after
having a Short sale please give me a call and I will get you in touch with a Lending professional that can
assess your individual situation to see if you can own a home at these cheap prices.I recorded a brief video to show you who I am and how I work:
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