Buying Another Home – After a Short Sale

Although there is no credit advantage over foreclosure with a short sale, there is an advantage when it comes to buying another home. If your house is foreclosed upon, you must wait a minimum of three to five years before attempting to buy a new house. Although rumors abound that a new mortgage with a good interest rate can be had only 18 months after a short sale, this is not the case. However, the truth is not all bad, either: Short-sellers need only wait for three years on an FHA or VA loan and up to 5 years for a conventional loan based on current lending guidelines. It is a good idea, however, to consult a real estate expert before thinking about buying another home after a short sale. Remember that a short sale means you will not be gaining any money after the sale of the home, so you will have to save up the money for a down payment on your new home.

Meet Cheryl!

About Cheryl

As a successful business owner and community leader, Cheryl Braunschweiger is known and respected for getting things done with a degree of skill and enthusiasm that bring out the best in those around her - colleagues, clients and friends. The name of her business, ALMC Mortgage, reflects Cheryl's philosophy and personality. She says it stands for All Loans Must Close –a reflection of her determination to do whatever it takes to serve her clients. Cheryl has been in the mortgage lending business for 20 years. Read More About Cheryl
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