How long do we have to wait to purchase another home after we did a short sale?
This question comes up quite a bit these days as it has been several years since the housing market seemingly hit bottom. The short answer is 3 years if you are using FHA financing and 4 years if you will be using conventional financing. After the appropriate amount of time has passed you will of course need to meet underwriting guidelines that everyone needs to meet to get a loan approval. There will be minimum credit score, employment, assets, down payment, and residence requirements.
If you are in a position to purchase again after doing a short sale the process should start by contacting a qualified lender. Financing can be complicated in today's market place, especially with a short sale in your history. Please contact me for trusted resources.
Once you have decided you are ready to purchase another home, please visit my site to get started in your search. if you think you owe still owe more than what your home is worth and may need to do a short sale, contact me here.
Thank you, contact me anytime at 651-308-1850 (txt or call), wheatonteam@gmail.com
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