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You may be able to get a new loan quickly after a short sale

If you had to sell your home in the past in a short sale, you may be worried that you won't be able to buy another home very soon. Selling for less than your home was worth was never the plan, but when the recession hit, job losses, cut hours, and lower wages impacted many people.

You may be eligible for a loan sooner than you think after a short sale. Did you know that the restriction is only four years? After four years pass, you can then be eligible for Fannie Mae or Freddie Mac loans once again. Sometimes, if you can prove that your case involved exceptional circumstances, you could be able to get a loan in as little as two years after your short sale, helping you get back on the housing ladder quickly.

If you want to seek out a loan from the Federal Housing Administration, you will likely have to wait three years after your short sale to get one. At that point, you can take out a new loan and purchase a new home. There are exceptions to every rule, even in short sale situations. For example, if you were current on your payments for the short sale when the home was sold, you could be eligible for an FHA-insured mortgage immediately. You must have made on-time payments for 12 months before the sale.

These little tips can help you get on the property ladder more quickly than you may have thought. Your attorney can help you understand when you can apply for another loan.

Source: AZ Central- The Arizona Republic, "Short sale? Your time to wait to buy a home may be over," David M. Brown, Nov. 03, 2015

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