QUESTION

since 14 months I listed my home on short sale and sold it,can I buy house now3?

Asked on May 31st, 2013 on Real Estate - Nevada
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2 ANSWERS

Real Estate Law Attorney serving Reno, NV at Hawley Troxell Ennis & Hawley LLP
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The rule of thumb is that most lenders won't give you a new house loan for 2 years after the sale date (not the mere listing date) of your short sale, but it could be longer or shorter, depending on the lender.  FHA has a written policy to wait 2 years before giving a new FHA loan.  Some people say you can always get a loan if you're willing to pay for it--higher interest rate and bigger down payment (i.e., "hard money lenders"), but I would not expect one of the "big 5 banks" to consider you for at least 2 years, and even then you'll need to have brought your credit rating back up to their standards (which I understand is now in the 700+ range).  
Answered on Jun 03rd, 2013 at 1:57 PM

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R. Christopher Reade
The answer is more a question of loan underwriting than law.  There are non-conventional lenders that are offering financing immediately after completion of a short sale; however you will pay higher rates on less favorable terms.  Usually you have to wait two years as a rule of thumb to qualify for another mortgage.  The wait can be longer or shorter also depending on the amount of down payment you are able to commit to your new purchase.
Answered on Jun 01st, 2013 at 3:19 PM

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