If I Sell My Home as a Short Sale, Will I Ever be Able to Buy a Home Again?

Reblogger Yvette Gardner
Real Estate Sales Representative with Keller Williams Realty, Spartanburg, SC 50062

Original content by Christine Donovan 01267479

Short Sale is a word that has become very common in real estate in the last year or two.  For more information on short sales in general see Do You Need a Short Sale  or What is a Short Sale.  

One of the questions I have been asked by my sellers is we really need to sell our home, but it's going to be a short sale, and we're concerned that we won't be able to buy another home later?  What can you tell us about buying later?

Worried Orange County Homeowner

How long it takes to buy another home will depend upon several factors.  Will the bank report the short sale to your credit?  If it doesn't, it will likely be easier for you to buy a home quite soon, depending upon your general credit profile and any late payments, as well as the other usual factors for getting a mortgage. 

But, if it is reported on your credit, then according to Lynn Nelson of MetLife Home Loans, a seller should be able to qualify for an FHA loan between 2 and 3 years after a short sale if they establish new credit and keep their old credit in good standing. 

 Currently FHA requires 3.5% down payment and has a loan limit of $625,500.

So, under current FHA guidelines, in Orange County, a person with a short sale in their history should be able to obtain an FHA loan about 2 to 3 years after the completion of the short sale if they maintain good credit.

 

Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!


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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.

Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about my system which will make your buying and selling experience easier.

Click Orange County homes for sale to view all OC homes for sale.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied.

Copyright © 2009 by Christine Donovan, All Rights Reserved. If I Sell My Home as a Short Sale, Will I Ever be Able to Buy a Home Again?

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