Owners who have short sold their home know that it can be a daunting ordeal, and there are some negative ramifications on credit . The question for most at the end of it all is, “When can I buy a house again?” especially with so many great deals available today. Blair Lamphier, owner of Community Mortgage Solutions, gives the following as a guide:
CONVENTIONAL LOANS:
Short sale- 4 years from the date of the sale, and removing the owner from the deed. 10 % down
Short sale- 2 years from the date of the sale, and removing the owner from the deed, 20 % down
Foreclosure- 7 years from the date foreclosure was completed and transferred out of the owner’s name.
FHA LOANS:
Short sale- 3 years from the date of the sale, and removing the owner from the deed.
Foreclosure- 3 years from the date foreclosure was completed and transferred out of the owner’s name.
VA LOANS:
Short sale – 2 years
Foreclosure – 2 years
USDA LOANS:
Short sale – 3 years
Foreclosure- 3 years
If you have sold in a short sale situation in the last few years and are interested in owning, it might be time to see what options are available for you today. Give Blair and his team over a Community Mortgage Solutions a call today.