How long after a short sale can I buy a home?

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Sussane

i purchased a home in 2002. I had made my payments on time. Then I was sexually assaulted and had to take a 2 yr medical leave from work. Because my income was not enough they told me I needed a cosigner. My son did that. He had no interest in the home. It was my problem. i went late on my payments. I finally sold the house in a short sale for the amount it was appraised at. My son is now married and wanting to purchase a home. His wife has a good credit score. Is there anyway you know to help my son. I worked in a prison. It is not my fault or my sons fault as to what happened to me. Please find a way to help him. No one told us he was as responsible for co signing. Vickie Wade

[Contact details deleted as per forum rules. Thanks.]

If I did a short sale approximately 2 years ago and that said property went back on the market can I re-purchase that property

A short sale is seen in different ways, depending on the history of mortgage payments. If you have not had a period before the sale, it would be much better for the new lender if you stop paying the mortgage before the sale was finalized.

Hello to all that know of this subject; I too was involved in a S.S. last year, my boyfriend would like to buy a condo and have my name on it, I told him that I believe in Fl. I have to wait at least 2 yrs before buying anything, he doesn't think so as he would like to have the Homestead Exemption reflect to me as the main buyer, cany anyone clarify if this can be done or what can be done?
Thank you for all your positive and constructive views.

Sincerely

Magie

Has anyone read HUD 09-52 if you have lates on a short sale its a 2yr wait. If you have had no lates and did a short sale you are able to purchase a home FHA. Go to Google and type in 09-52 and the letter from HUD will come up.

Hi Magie,

As far as I know after a short sale, you'll have to wait for 2-3 years in order to qualify for a loan to buy a new property. Before that, the lender will not consider giving you a mortgage.

Thanks

All different answers, where does everyone get their information? It says 3 years after shortsale if you had lates of 120 days or more, so where does 18 months come from? Please elaborate.

I have just applied for a FHA loan after having a Short Sale that closed 1.5 years. My fico score for the past year has been 740 and I was not approve for a loan. I missed more that 120 days on my monthly payments because of my divorce. I was informed that I can try again after 3 yrs. of my short sale.

Hi Cami,

After a short sale, you'll have to wait for 2-3 years in order to qualify for a mortgage. Before that time period, the lenders won't be ready to give you a loan.

Welcome Anabel,

It is true that you'll have to wait for around 2-3 years in order to qualify for a mortgage after a short sale.

I sold my home in california through the use of a short sale, which had a first and a second. Before the short sale I attempted to get a loan modification, at which time I was told that I had to be several months behind on my loan. At that time I was current on all payments. I did not make any payments for several months and the home finally sold. I had no other late payments on anything else. My credit score is still good, but the credit report shows negative factors. I can not seem to get a loan to buy another home. What can I do? :( :(

Hi michael!

Welcome to forums!

After a short sale, you won't be able to qualify for a mortgage immediately. You'll have to wait for 2-3 years in order to qualify for a mortgage. Apart from this, you should note that after a short sale, your credit score will get reduced by 80-100 points.

Feel free to ask if you've further queries.

Sussane

I am currently trying to sell my home as a short sale. I have a VA home loan guarantee, and VA has told me that they will payoff the difference to the mortgage company. I am moving due to medical reasons, as I'm a disabled veteran, and have been told to do so by my doctor (who has also written a letter for the lender to this effect). I have never been late on a payment, and will not be. My credit score is around 720. How soon will I have to wait to buy a new house?

Welcome Scott,

After a short sale, you'll have to wait for 2-3 years in order to get a mortgage to buy a new property after short sale.