How Long Do I Have To Wait After A Short Sale To Buy Another Home?
This is a very common question that The Texas Group Realtors get quite a bit.
The answer depends on the type of loan you are looking to use to purchase your
next home.
Here are the details on your options to buy another home after a short sale.
Email phillis@txhomerealty.com to discover how
other sellers successfully did a short sale and avoided foreclosure.
Owner Financing. You can buy a home with owner financing any time after a short
sale.
FHA Financing. (FHA is very popular because it only requires you to put down
3.5% and pay your closing costs. You can usually convince the seller to
pay your closing costs, thereby reducing your down payment to 3.5% of the
purchase price.)
FHA’s current guidelines state that you can get an FHA loan immediately after a
short sale, provided that you never missed a payment. If you were in default at
the time of the short sale, then you have to wait 3 years before they will
approve your loan.
Fannie Mae Loan. Fannie Mae is the most common loan program. You can get a
Fannie Mae Loan in as little as 2 years after a short sale. But, you have to
put 20% down.
If you wait 4 years, then you have to put a minimum of 10% down. After 7 years,
you can get a Fannie Mae Loan and put less than 10% down.
The most attractive (and currently most popular) loan program in America is
FHA. The reason is because it’s down payment requirements are much lower than
anyone else. It looks like the best option to buy your next home after a short
sale.
Thinking about a short sale? I can help you short sale your property and get
back on your feet. Send me an e-mail at beth@txhomerealty.com. I will contact you
for a free consultation.
When we talk, I will explain how the process works in detail and answer any
questions you may have. Or, if you prefer, you can call me at (469) 523-1402.
Discover how other sellers successfully completed a short sale Midlothian, Cedar Hill, Duncanville, Dallas and request a free
consultation by emailing phillis@txhomerealty.com.
Thinking about a loan modification? Our Dallas loan modification kit has the
instructions you will need to get a loan modification approved with your bank.
Email beth@txhomerealty.com to request a copy.
Thanks for reading this, Phillis Nealy.
Phillis is a Real Estate Agent at The Texas Group.
Phone: (214) 650-5536.
A Realty company with Service as Big as Texas
View My homes for sale at www.southwestdallashomes.com.
Important Notice
Phillis Nealy and The Texas Group Realtors are not affiliated in any way,
shape, or form with the government.
This is not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing.
No comments:
Post a Comment