How long do I have to wait before I can buy a house again if I have a previous Foreclosure or Short Sale?
We all know someone who was hit hard by the recent economic downturn and lost their homes despite their best efforts to continue to pay their mortgage. The Phoenix housing market was among some of the hardest hit. Many did everything they could to make good on their promise, but in the end had to move. With a foreclosure, short sale, or bankruptcy on their record it has been hard for such buyers to qualify for a new loan and it has left many to ask the question; “how long do I have to wait until I can buy again?”
We have some good news, relief may be on its way.
The FHA has expanded their guidelines to offer some help! They have sent a letter to lenders letting them know they will grant mortgage insurance for people who have had a foreclosure or bankruptcy. There are some rules however, at least a year must have passed since your bankruptcy or foreclosure, you must be able to prove current stability, complete housing counseling, and your loss from the “economic event” must have resulted in at least a 20% income loss.
If you think you may fall into this category, please visit our useful phone numbers page to find a list of great mortgage lenders in the Scottsdale and Phoenix area who are very knowledgeable and can answer any questions you may have. Don’t wait, you may be able to qualify for a new mortgage sooner and easier than you think and when you are ready, we can help you find the perfect place to once again call home.
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