No doubt, if you found this article through an internet search, then you’re probably one of the millions of people who short sold their home in the past 3 years and you’re wondering when in the world you’re going to be able to purchase a home again. Since the Arizona market bottomed out in 2011, prices have gone nowhere but up, and at staggering rates, making it a perfect climate for those who weren’t owners to become owners. At the same time, it’s created a sense of urgency for people who short sold their homes 2 or 3 years ago, as they are approaching a time when they will be able to qualify for a new mortgage on another home.
So, the question remains, based on your particular circumstances at the time you experienced hardship, “when can I buy a house again.”
Naturally, if you’ve saved enough cash, you can buy a house outright and not worry about it. That’s not what this article touches on. This article is in reference to lending, since many Americans don’t have the money required to pay cash for a home. The following is a guide that will help you understand your waiting period:
(Note: A special thanks to Dean Wegner, Vice President of Mortgage Lending at Guaranteed Rate NMLS ID # 220741, 602-432-6388 for providing a copy of this chart.)
If you’ve found yourself in one of these positions, and you’re thinking about making the leap to home ownership again, give me a call and I’ll be happy to discuss the process with you and hopefully help you find something that would work for you.