When Can I Buy After A Short Sale?

Our lender put together these responses to when you can buy after doing a short sale.

** Myself and our past clients are going through a credit repair company to remove the short sale (and other negative items) completely from our credit. This time frame is typically less than 6 months.  Contact me for more info.


2012’ FHA Waiting Guidelines

Bankruptcy – You may apply for an FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.

You may apply for an FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy

Foreclosure - You may apply for an FHA insured loan THREE (3) years after the sale/deed transfer date.

Short Sale / Notice of Default – You may apply for an FHA insured loan THREE (3) years after the sale date of your short sale, if you had mortgage lates. FHA treats a short sale the same as a Foreclosure for now. If you did not have mortgage lates and did what is called a “non delinquent” short sale, you may be eligible to purchase again right away with no waiting period.

Credit must be re-established with a minimum 620 credit score

2012’ VA Waiting Guidelines


Foreclosure - There is no waiting period to apply for a VA loan, assuming credit has been re-established and you have a 620-640 credit score.

Short Sale - There is no waiting period to apply for a VA loan, assuming credit has been re-established and you have a 620-640 credit score. (Unless the short sale was a VA loan then restrictions may apply)

Credit must be re-established with a minimum 620 credit score

2012’ Conventional Waiting Guidelines (Fannie Mae)

Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your bankruptcy has been discharged for FOUR (4) years.

Foreclosure - You may apply for a Conventional, Fannie Mae loan SEVEN (7) years after the sale date of your foreclosure. Additional qualifying requirements may apply,

Short Sale / Deed in Lieu of Foreclosure -

TWO (2) Years up to Maximum 80% Loan to Value | 20% Down Payment

FOUR (4) Years up to Maximum 90% Loan to Value | 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

SEVEN (7) Years above 90% Loan to Value | with less than 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

Credit must be re-established with a minimum 660 credit score

Fannie Mae has reduced waiting periods in cases of extenuating circumstances – The death of a primary wage earner seems to be the only one I have been able to identify up to this point.

What to do in preparing to buy again after bankruptcy (BK), short sale or foreclosure?

You should begin with a credit review, at least six (6) months before you are ready to buy again.

Quite often there are things left over on your credit report that can delay your ability to qualify.

With a little head start and good advice, we can get your credit in line to qualify for financing and be ready to buy again.

Bank of America BOA Short Sale Approval Letter Penderbrook Square Real Estate Agent Fairfax Virginia

Bank of America BOA Short Sale Approval Letter Penderbrook Square Real Estate Agent Fairfax Virginia

3909 Penderview Drive - 2bd/1ba -$155,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved. The seller was forgiven over 100k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, place was to small, going through a divorce

List Date: 07/21/2011
Approval Date: 2/29/2012
Close Date: 3/30/2012

Result: Full deficiency waiver for our seller.

This short sale was tricky and took longer than normal.  First the place sat on the market for 3 months before we got a contract.  This was because the condo was outdated and every other condo in the compolex was fully updated. So after dropping the price we finally got a buyer at $155,000.  BOA uses Equator for their short sales and this process usually completes in 90 days.  But our negotiator was terrible and grossly messed up our file and delayed it.  We lost the first buyer but found another buyer right away and were able to close in 2 months.  Total time from the first contract to approval was 5 months.  So a little bit longer than normal. When we got the 2nd buyer I met with BOA executives at conference and had them escalate the file and get us a new negotiator ASAP. I was shocked, within 2 weeks we had the approval.  Our sellers were forgiven over 100k and do not have to pay it back.

If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

If you have any questions concerning BOA Bank of America Short Sales Contact Us. We have a proven record with BOA Bank of America (Preforeclosure) Short Sales. We can help you with BOA Bank of America Short Sale in Virginia & Maryland.

See the Approval letter here



How Long Will It Take To Break Even On Your Home?

How your credit is affected by a Short Sale


BOA Short Sales Approved!

We just got two BOA Bank of America Short Sales approved yesterday!   We are now 39 for 39 and will have video and highlights of these up here on the website soon. So check back on those.  But both sellers were forgiven and do not have to pay the bank back.

The national average for short sale success is right around 40% but our team continues to have 100% success rate.