Foreclosure or Short Sale, No Problem!

 

 

 

 

 

 

The Wall Street Journal said it best, “Millions of families lost their homes to foreclosure after the housing crash hit six years ago. Now, some of those families are back in the housing market. Call them the “boomerang” buyers”

FHA requires 3 years to have past if you had a short sale or foreclosure.  If you are getting a Conventional loan it is possible to get a loan after 2 years putting 20% down and in some cases with extenuating circumstances as little as 10% down.

“Fannie Mae & Freddie Mac require a wait period of as much as seven years after a foreclosure or short sale before a consumer can become eligible for a conventional mortgage, though some short sellers can purchase again after as little as two years.”