How soon can you buy after a Short Sale, Bankruptcy, or Foreclosure?

If you are underwater on your mortgage and choose to sell your home as a Short Sale, you may not need to wait as long as you think to become a homeowner again. Of course there are many extenuating circumstances surrounding a distress sale, and, obviously each case is very different in nature, but you may be able to buy another home in as few as two years (if using a conventional mortgage) or 3 years (with FHA). Certain qualifying factors prevail, so it is important that you contact a mortgage lender before you get serious about buying another home to see if you are able to secure another mortgage. Steps can be taken to repair a bad credit score from having gone through the Short Sale process, and the sooner one starts taking these steps, the better. Also, having the proper down payment and steady, verifiable income is imperative. If you’ve sold your home through foreclosure or experienced a bankruptcy, FHA loans may be available to you after just 2 or 3 years. Again, if being a homeowner is important to you, contacting a mortgage professional is an important step to take, even if you’ve just lost your home this year. When you are ready to buy again and have been prequalified by a lender, contact me to help you find your next dream home…

About Lyn

I was born in Minneapolis, Minnesota. I went to a small university (Denison) in Onio where I met my husband. After a year of working for the airlines, we married and I moved to Columbus where I became a travel agent until my two sons were born. While they were growing up I became a Jazzercise instructor & area manager, which I continued after moving to Scottsdale in 1991 for my husbands job. I also worked in retail, managing an art/framing store before getting into real estate in 2000, after our youngest son graduated from High School. I have always worked with people in service positions and feel my experience in marketing and communications helps me in my business. Having been a first time buyer, a move up (as well as a downsizing) buyer, a relocated buyer and a homeowner who has designed and built a home on a vacant lot, I feel I have personal experience to make me credible to my clients. My business has always been about relationships.

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