If you answered yes to this question or if your are approaching the 3 year mark post short sale this information if for you. If you closed a short sale and it has been 3 years you may be eligible to purchase another home using FHA or conventional financing. Hopefully you have gotten back on your feet and had the opportunity to repair your credit over the 3 year period. If you have you should consider calling a mortgage lender and getting pre-approved for a new purchase. With current market prices at the most affordable in years, low interest rates and no more “designer” loans becoming a homeowner again may be a great move for you. Not only are home prices affording mortgage payments at or below current rents, the mortgage interest tax deduction could save you a large amount on your income taxes.
If you are under the 3 year mark and would like to repurchase when time allows, you may want to consider visiting with a credit counselor to gauge where your credit is at this time and what you might need to work on. I recommend Consumer Credit Affiliates . They can assess your situation and help you formulate a plan to get back on the path to home ownership.
If you are planning to purchase you will need to save a minimum of 3.5% for an FHA down payment and money for closing costs. In some cases you can get assistance from the seller with your closing costs which typically are about 3% of the purchase price. If you need a recommendation to a good local lender contact me.
I had some clients I just recently sold a house to that had a foreclosure about 3 years ago and they were able to qualify for a new loan. Good information to know in this world of distressed properties.
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