After Short Sale, You Can Buy Again
How soon can I buy another house after I do a short sale…or deed-in-lieu…or foreclosure…or bankruptcy? It’s a question that comes up quite often, and there is no standard answer. Melissa Zavala has provided a handy chart illustrating the waiting periods for each loan type – conventional, FHA, VA and USDA.
Everyone wants to know the answer to the following question: “Is it true that I can short sale my house and purchase again with no waiting period?”
The answer is “yes” and “no” and “maybe.”
According to the excellent chart that I’ve shared below (courtesy of my friends at American Capital Home Loans), if you are obtaining an FHA loan, there may be no waiting period for a borrower who participated in a short sale to buy again. However, that borrower would have to have completed the short sale with no late payments on any mortgages and no consumer debt within the 12-month period prior to the short sale. The borrower would also need to prove that s/he was not taking advantage of the declining market conditions.
People are often curious about the waiting periods required to purchase again after significant derogatory credit events (such as short sale, foreclosure, and bankruptcy). Use this handy chart below in order to familiarize yourself with the latest and greatest information about all of the different loans and their waiting periods. And, if you have any questions, I’m sure that the folks at American Capital will be more than happy to take your call!
Loan Waiting Periods
Melissa Zavala
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