Purchase Eligibility After Short Sale Or Foreclosure

Dated: 01/25/2016

Views: 212

How long do I have to wait after my Short Sale or Foreclosure before I can purchase again? That is a good question with a few different answers. Although the rules seem to shift and change almost constantly, in most cases a good rule of thumb is 3 years for Short Sale and 5 years for Foreclosure. It can be as little as 2 in the case of short sales however and I have even heard a few lenders boast of lesser times than that. The fact is that the timing will change based on the type of loan you are trying to secure and the details regarding the disposition of your previous asset. The best way to find out is consult your local lender or Real Estate Agent. If you have other questions about real estate, we are here to help, contact me today!

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