Buy a Home After Short Sale 

HomeForeclosureCenter is the expert when it comes to buying a home after a Short Sale. We stay updated on a daily basis with the different lenders on their requirements for buying a home again after a Short Sale. The requirements are constantly changing so it is important to get advice from someone who is an expert.

Please see below for the most recent requirements and guidelines from our lenders:

FHA Loan:

Option 1

If you never had a late payment on your Short Sale, then you can buy a house immediately.

Option 2

If you were a non-qualifying Spouse on your Short Sale loan (were not on the loan and not on title), then you can buy a home within 12 months of your Short Sale.

Option 3

If the Short Sale was the result of documented extenuating circumstance that were beyond the control of the borrower and the borrower has re-established good credit since the Short Sale, the lender may grant an exception to buy again in 24 months. Extenuating circumstances include serious illness or death of a wage earner but do not include the inability to sell the house because of a job transfer or relocation to another area.

Option 4

After 36 months, with proper documentation, you can buy again after a Short Sale. With FHA, the minimum down payment is 3.5%. You can show that the reason for the Short Sale was loss of income, unemployment, financial hardship, etc., then you are a great candidate to purchase a home again within 36 months of your Short Sale.

VA Loan:

Option 1

If you have extenuating circumstances, it is possible to buy a home after 12 months.

Option 2

After 24 months, with proper documentation, you can qualify to buy a home again.

Conventional Loan:

Option 1

With extenuating circumstance, you can buy a home again after 24 months with 20% down payment.

Option 2

After forty eight months, you can buy again with 10—20% down payment with an automated approval.

Please contact us to review your situation so we can advise you on the best options available.

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