Interesting article…Many find themselves in a similar situation asking some of the same question. Well, maybe not trying to purchase a home for $70,000 in our area!!
3 options for buying home after short sale
Q: I experienced a hardship two years ago and had to sell my house via short sale. I am now ready to purchase a home but heard I would have to wait another year because of FHA rules. I have been paying my rent on time and my credit is in the 700s. What programs or other options do I have in terms of obtaining a loan? I want to purchase a house for $70,000.
A: I’m glad to hear that your hardship has passed, and that you’ve been able to get your finances back in shape. Whoever you’ve spoken to is correct: There is a three-year waiting period after a short sale before you can qualify for an FHA loan on a new home. As I see it, though, you have three clear options: