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Is there a waiting period to purchase a home after a short sale?

by dfj876i448 from Denver, Colorado. Feb 26th 2018 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

All conforming loan products have mandatory waiting periods before you can purchase a new home.. This is in regards to FHA, VA, USDA and conventional... However, there are portfolio (hard money) loan's where you can purchase 1 day out of a short sale, foreclosure or BK.. But these loan products typically require a large down payment, usually 30% or more, and the rates and fee's are really ugly.. For FHA, there is the "Back to Work" program which allows you to purchase 1 year out of a short sale.. The program guidelines are very strict and few that apply get approved, but this is a legitimate loan product,,, Otherwise, FHA is 3 years.. Conventional is 4 years, VA doesn't necessarily address short sales, but most lenders will make you adhere to foreclosure guidelines which is 2 years, and you must be VA eligible. USDA is 3 years. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Feb 26th 2018
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