When Can I Buy Again After Foreclosure? Short Sale?
Note: Lending Guidelines are always changing. For updated posts on the subject Come back often.
Foreclosure or Deed-in-Lieu of Foreclosure
A seller who wants to buy another home after foreclosure will end up waiting about 24 to 72 months before a lender will offer any kind of interest rate that makes sense.
The good news for short sale sellers is the wait is much shorter before buying another home, and Fannie Mae guidelines in 2008 adopted new procedures.
Can a seller buy again in less than two years?
No, it's an utter myth that a consumer can buy again in about 18 months at a good interest rate. Fannie Mae guidelines now require only 24 months' seasoning.
Note that Fannie Mae guidelines allow a seller to immediately apply for a new loan to buy another home if that seller kept the payments current, had no delinquencies exceeding 30 days and did not agree to repay the debt relief. Moreover, it's the late payments that affect your credit report, not the short sale.
Fannie Mae Website
To see homes on the market, use our free MLS search:
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The Highland Group
Chris & Karen Highland * 301-831-9947
Turning Point Real Estate – 301-831-8232
email us: isell4u2@msn.com
Text Us: 301-401-5119