Today I wanted to talk to you about how soon you can buy a home after a foreclosure or a short sale. Typically, it has been anywhere from 2-4 years for a short sale and 5-7 years for a foreclosure, depending on your lender and loan type, however today we have something exciting to share with you. We have some new information from the people at FHA that they are actually going to allow people, provided there are mitigating circumstances due to the recession, to purchase a home again in as little as one year after a short sale or foreclosure. The really good news about this for the entire housing market is that it opens up an enormous pool of buyers that are out there and can buy homes again.
There are a few hoops to jump through; the mitigating circumstances are situations such as a reduction in income, unemployment, divorce or death of an income earner in the family. They’ll look at these things and determine whether or situation is applicable to this program. Also I’d like you to be aware of the fact that I have some specialized lenders that I work with that understand this program forwards and backwards.
If you had a short sale or foreclosure and it’s been close to or more than a year and you are wondering if you’ll be able to buy a house, I’d like to encourage you to reach out to us. We’ll figure that out for you; you don’t have to figure things out on your own, we’ll help you figure them out. If you have any other questions or if there is anything else I can help you with please give me a call or click the Contact button and we’ll be in touch with you soon.