BUY A HOME IN GILBERT 2 YEARS AFTER HAVING A SHORT SALE

BUY A HOME IN GILBERT 2 YEARS AFTER HAVING A SHORT SALE

NEW! FREE Arizona Personal, Password Protected Buyers Homefinder website at: www.azhomestore.com Look for the get a listingbook account and just fill in info and hit submit. You will be emailed your user name and password so you can set up your own search website just like Realtors have!!!!!

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.