Rules are changing! For everyone out there that had to sell their home as a short sale, you are being rewarded. New rules states that is you had a true hardship, like loss of income, loss of job, cut in pay, medical bills, and job transfer, then you could qualify for a new mortgage in as little as 1 year for you close date on the short sale.
The normal time frame is three years and 1 days before you can write application for a new loan. If you have waited that long then you would be qualified for First Time Home Buyers Program with $10,000 give to cover closing cost and down payments.
Now if you have saved 20% of the purchase price you can always get a conventional loan, with just a 2 year waiting period after short sale.
I hope this help you under stand what it will take to get a loan after a short sale.
When you are ready to purchase give Rhonda Buckner a call 352-266-2637 she has a reputation for result. As always, if you have any questions about real estate in Marion, Lake and Citrus County give us a call.
Buckner Homes Realty Inc
3200 SE 20 Ave
Ocala, Fl 34471