I am surprised that more people haven't commented on this blog. Plus it is not featured. This blog is what a Active Rain blog should be. How many people knew that you can buy a house three months after a short sale? I sure didn't know. But there are two critical caveats. What are the caveats? Read this blog by Larry Bettag Cherry Creek Mortgage to find out what there are. So if you just Short Sale your Washington DC house and it has already been three months,you have to read this blog first to find out if you can buy a home in Washington DC again.
It just happened. I spent about 1.5 months getting this guy's ducks in a row. Sounds almost too good to be true. But it is true. You can't do it on a conventional loan. You can, however, do with an FHA mortgage with:
TWO CRITICAL CAVEATS!!!!!
The bank CANNOT be reporting the current loan as deficient;
The borrower can't have any 30 day lates reporting either.
THIS DOES NOT APPLY TO SHORT SALES REPORTED TO HUD....
THOSE SHORT SALES ARE A DIFFERENT BREED ALTOGETHER!
We've done a myriad of them at our company this year. There are reasons why some folks who sell a home short, should be allowed to buy immediately, but great discretion needs to be exercised.
My buyer was denied by two other mortgage companies over the last two months. The other mortgage banks didn't look at the 4155 (or the FHA guidelines). Realtors, this is critical. A buyer still needs to qualify, but if they sell their home in a short sale and meet both of the aforementioned criteria, then....you have another happy buyer!
Loan officers need to have the support. They need to know the guidelines. Buyers do have options.
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