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I just went through a short sale, when can I buy another home?
Sunday, November 7th, 2010Below is a simple breakdown of the timelines for buying a home after a short sale or foreclosure: Timelines may vary depending on your circumstances.
Buying again after a short sale or foreclosure:
You can qualify for a loan, Fannie Mae backed after 2 years, FHA is 3 years
After a Foreclosure:
With some restrictions, the wait period is 5 years as your primary residence
The effect on your credit score:
A short sale can drop your score between 50 -130 points
Foreclosure 200-400 points drop potentially
A foreclosure normally stays on your credit report and public records for 7-10 years
All lenders report differently, and some do not report to the bureaus at all, negative credit typically stays on for 7 years
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