One of the most important questions I get from prospective short sellers is, “How long until we can purchase a house again?"
As lawyers are prone to answer questions, “It depends". Below is a rough outline of the most common scenarios regarding getting back into the home ownership game.
These benchmarks are not set in stone. For instance if a person is able to rebuild their credit quickly, had extenuating circumstances such as a job loss or death in the family as reason for hardship or were current on their loan when the short sale was completed the disqualification period could shrink.
On the other hand if a person does not act to clear up the issues which make them look like a higher risk to lenders they might never qualify for a mortgage. Have you ever seen the mug shots of celebrities compared with their publicity shots – the difference is night and day. The same is true for how you look to mortgage companies.
Speak to a trusted mortgage broker or call me for a referral.