Beginning August 16 2014. those who want to utilize a “conventional loan” to purchase a new home after previously selling a home on a short sale will face a longer eligibility period. At present, buyers who sold their previous home as a short sale can purchase again after two years if they are putting down 20%. After August 16 the waiting period moves to four years when using conventional financing.
Fortunately, buyers can still purchase with FHA financing after 3 years. This is the current guideline for FHA and no changes on the three years appear forthcoming.
Buyers who are looking to purchase quicker than three years after a short sale may have some options open to them utilizing credit repair companies but be careful who you use and try to only work with a company who has a track record. They must show you a successful track record and if they aren’t successful, offers you some reimbursement in the event they can’t deliver.
For more answers regarding short sales including your particular situation please contact Shelter Realty Inc., at 702-376- 7379 or by emailing info @ shelterrealty. com