There's not a great deal of good news for homeowners of short sales but there is some at least for a good number of them. Losing their home in a short sales leaves many wondering what their home buying chances are in the future. This will give them some idea.
This may not be true for all but for those that will qualify it provides a glimmer of hope. Be sure to check with a knowledgeable, professional lender.
Can I Buy Again? After A Short Sale? When?
Can I Buy Again? After A Short Sale? When?
When a homeowner sells their home as a short sale or for less than what's owed on the property, one of the first questions that we receive is can I buy again? If so, when can I buy again? The dream of homeownership truly is the American dream. For many homeowners lately, it has seemed like less than a dream. There are, millions of Americans every day who enjoy, relish and cherish homeownership. For those who've sold their homes by short sale, it is easier to buy again than you might imagine. If you or some one you know has sold their home as a short sale, you will want to keep reading.
FHA financing is a very large part of financing real estate today in America. FHA guidelines actually allow, as you'll see below, for a homeowner who does what's called a nondelinquent short sale to buy right away as soon as their sale closes. For those who have had delinquencies associated with their short sale, FHA requires that the former homeowner wait three years. There are guidelines available that allow for this three year period to be potentially reduced if there are extenuating circumstances, or those circumstances beyond one's control, that caused the homeowner to have to sell her home by short sale.
You will need to consult with your home loan professional because everyone's situation is different. If you do not have, or do not wish to call your home loan professional, we have contact information for home loan professionals in our area available to you.
The dream of homeownership in America is alive and well today. As our economy continues to improve our housing market should recover, in that, demand should eventually equal supply and when demand exceeds supply we should see appreciation in housing values.
As always, thanks for listening.
Mike Litton FSP, CDPE, PSC, SFR
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