Posted on: 24th Jun, 2010 05:43 pm
I completed a short sale in October 2009 after missing 6 months of payments from march 2009 to October 2009. I have been told I will be able to buy a house in October 2010 but wanted to make sure that was true. I haven't gotten a straight answer from a bank.
FHA guidlelines call for at least three years to have surpassed to qualify for new financing. What bank told you it would just be a year?
USAA, Lennox, and one other that I don't remember. I was definitely told 2 years before was the max. Did it change?
Not that I know of. Many lenders will look at a short sale in your past the same as a foreclosure. What I told you above are FHA's guidelines. Those individual banks may have different rules. Best to follow up with them to see if what you have heard is true.