3 Ways to Buy a Home After a Short Sale

How to buy a home after Short SaleIf you were forced to sell your home or condo as a short sale, due to reasons out of your control, you might still qualify for another home purchase. Below are three options you might consider if you want to buy another home soon after your short sale.

Plead Extenuating Circumstances

The FHA guidelines require a three year waiting period before obtaining a new FHA mortgage after a short sale. However, they do make exceptions. If you are able to document that your short sale was the result of extenuating circumstances such as a job transfer or job less; then FHA may consider waiving the three year period for you.

Seek a Non FHA Loan

If you’re situation has improved significantly, and you are able to bring in a higher downpayment than the 3.5% required by FHA, you may be able to qualify for a conventional mortgage loan within two years of your short sale transaction.

Seek Alternative Financing Options

In the current market, several home sellers are offering alternative financing options such as seller financing, or lease with the option to buy. Some sellers will consider financing their home for you if you are able to bring in a reasonable downpayment.

Get Help From A Professional

Free assistance is available to former homeowners who have experienced a short sale. Homeowners Servicing Company can help you find alternative financing options.  We also offer credit repair services to help you improve your credit score and get back into homeownership as soon as possible. Some HSC clients have been able to purchase another home within a year of their short sale.  To find out more, contact HSC below or call (801) 508-4HSC.

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  1. […] for buying a new home are limited due to mortgage guidelines and short sale waiting periods. This article offers three potential options for homebuyers who would like to buy another home soon after selling […]

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