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We've talked to many people in the Los Angeles area lately that are looking to enter the market again after going through a short sale. Today, we are going to talk about the options available to you if you have had a short sale in the past. Here's what you need to know:
- If you do a regular Federal Housing Administration (FHA) loan with 3.5% down, you typically have to wait 3 years since your last short sale before you can qualify.
- If you do Fannie Mae's conventional program with 20% down, you can buy again after 2 years.
- With a VA loan, if you are a veteran, you also can get back in the market after 2 years.
- There are also specialty programs that allow you to get into a new home quicker. If you have what qualifies as extenuating circumstances, you may be able to get back into the market a year in advance. These extreme circumstances include job loss, loss of income, or decrease in income, among other things.
As you can see there are many options available to you even if you had a short sale. Now is an opportune time to take advantage of the different financing options. If you have any questions about the many programs available to help finance your new home, please give us a call or shoot us an email. We'd love to help you secure a loan and get back into the market!
