Short Sale Afterlife
When Can I buy After I short sale My Home?
If you have short sold your home in the past couple years and are wondering how that has affected your ability to buy now, read the information provided below. (confirm with your mortgage professional)
If you short sold your home and you apply for a mortgage it depends on what type of financing, how long after the short sale, and how much of a down payment.
Probably your best chance after a short sale. About a 3 year wait time.
VA Loan Financing:
If you are a veteran of the armed forces and have short sold a home, your wait time is 2 years.
There are some conventional programs out there today that borrowers can put as little as 5% down with conventional loan mortgage insurance. However, if you have short sold a home, you will most likely need to wait 3-4 years and also have at least 20% down payment. Conventional investors vary.
Jumbo Loan Financing:
If you are looking to finance a loan that is above conventional conforming limits (high cost area) you will have to wait the longest. The wait for a jumbo loan is 7 years. The high cost loan limit is $729,750.
There is no written guideline but I have been told 2 years.
Call Team Danny D for any questions on short selling your home. 650.400.7670
Danny Dimas - broker/owner
Team Danny D Realty
El Granada, Ca 94018