would you have ever thought it was possible
Can I buy a home immediately after a short sale? The answer is yes.
The other day I received a call with this exact question from a Woodbridge, VA short seller. I answered, "Yes you can with FHA, if you meet the following qualifications":
- Home short sold cannot be a FHA loan
- Must have been current on mortgage at time of sell
- Sold home must not require deficiency payment for the difference
- 620 minimum credit score
- 3.5% down payment
- Short sale caused by extenuating circumstances and not just a person trying to take advantage of the market (by selling short and buying same type home at half the price)
The last requirement of extenuating circumstances is where it gets cloudy. An extenuating circumstance, according to FHA is one of the following:
- Job loss or loss of income
- Sickness or illness of the borrower
- Death of a wage earner
- Circumstances beyond your control
If you don't meet the above criteria; here are the time frames you have to wait before purchasing again:
-Fannie Mae Conventional 2 years with 20 percent down payment
-FHA- 3 years from time of sell
As we continue to be in this market of short sales and foreclosures look for more lending guidance to come with hopefully shorter time frames. Buyers should not be punished or kept out of the market for situations beyond their control.Need an FHA loan in Woodbridge, Va, have a question, or did the post tickle your curiosity... now feel comfortable giving me a call (703-497-3936), or shoot me an email (I have Blackberry).
Markita Aldridge-Woo
ds of WestStar Mortgage, Inc. Contact me via email or call me direct at 703-497-3936 for answers to your questions about mortgage financing. Or get pre-approved today to purchase your home.
I service Woodbridge, Lake Ridge, Dale City, Fairfax, Stafford, Fredericksburg, Manassas, Manassas Park, Quantico, Ft. Belvoir, and the Virginia surrounding areas.
We offer FHA, VA, VHDA,USDA, and Conventional financing.
(WestStar Mortgage Inc. is licensed by the Virginia State Corporation Commission and License No. MC-1875)
All information provided is deemed reliable but is not guaranteed and should be independently verified.
Properties subject to prior sale or rental
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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.
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