Then you are eligible to purchase a home again!
You are known as a Boomerang Buyer
If you sold your home in a short sale or lost a home to foreclosure or filed bankruptcy since 2006 and you want to purchase a home again-you are considered a Boomerang Buyer. Buyers bouncing back from a bad situation.
There is a light at the end of the tunnel.
When can I buy again?
You can purchase an FHA loan as soon as 3 years from the Trustee Deed Sale date, 3 years from short sale completion date and 2 years from a Chapter 7 Bankruptcy discharge date. There are specific guidelines for VA and Fannie Mae loans. Contact me to get more information from a lender I trust.
This just in...
"FHA announced yesterday that if it can be documented that the foreclosure, short sale or bankruptcy was the result of a 20% reduction of income due to an economic event such as job loss or in the case of self -employed, a drop in income due to economic circumstances, then the borrower need wait only 1 year after the derogatory event before being eligible for an FHA Loan." posted with permission from NOVA Home Loan Officer-Jud Holmes
This is a perfect time to re-enter the home buying market. Interest rates are still great and more homes are coming on the market everyday.
Janelle M. Qualm
Property Solutions Real Estate