During the last few years while we would be discussing with our client(s) about consequences of a short sale or foreclosure, we would have to say it would likely be 2-3 years before they could try to buy a home again. That was based on current mortgage guidelines at the time. Now due to some recent changes, that time frame could be shortened.
FHA has finally acknowledged that the Great Recession has been a contributing factor to many prospective buyers that have had a Bankruptcy, Short Sale, or Foreclosure within the last 3 years and has just come out with a new Mortgagee Letter providing detailed instructions to lenders on when it is appropriate to overlook one of these major derogatory credit events that has until now prevented borrowers from buying again.
If you have been prevented from obtaining new home loan financing because of a Short Sale, Foreclosure, or Bankruptcy within the last three years AND the reason for the event was due to a job or income loss (20% gross family income or more), then give us a call so we can put you in touch with a lender who can see if your situation meets the guidelines.
What a great opportunity to be able to jump back into home ownership at affordable home prices and very low interest rates! We have the team to get you there.