Posted on: 06th Dec, 2009 04:21 am
I sold A home in A short Sale about a year ago. I am looking a purchasing a home that is selling for 60-70K. I have about 40K in cash. Will a bank finance me if I put 50% on a 15Yr fixed term.[/i]
Most Lenders look at Shortsales as Foreclosures as far as seasoning is concerned, and the shortest seasoning I'm aware of is FHA, which is 3 years. However, it can be 12 months under the right conditions.
What was the reason for your shortsale?
What was the reason for your shortsale?
I am in the military and had to move do to military orders. My home was in Az where the marcket went bad fast. I could not rent or sell at a normal price.
pancho, i'd say your best bet is to contact a lender directly and ask these questions. i have to agree with raymond in theory, at least. a short sale isn't looked on all that favorably - somebody besides you lost money, after all. your circumstances may allow a lender to look more kindly on the situation, though; so it's worth the phone call or the personal visit to see if you can obtain a loan.
I've had experience with buyers being able to purchase again 2 years after a short sale, but again like has been said its best to contact the Lender and see what you can work out.