After a short sale, when can I buy another home using a VA, USDA, FHA, or conventional loan?
Posted by Dietchi Thomas on
After a short sale, when can I buy another home using a VA, USDA, FHA, or conventional loan?
From 2008 through 2016 many homeowners suffered great financial difficulties. On top of situations such as job loss and medical issues, many home values decreased dramatically. Therefore homeowners were not able to sell their home since they were underwater. This is why a short sale was so popular during this period. Lenders basically agree to accept an amount lower than the mortgage balanced owed. While this is considered a big credit delinquency, it isn’t the end of the world. A knowledgeable buyer can purchase another home in a very reasonable amount of time.
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