As we find ourselves getting back to 2005 levels within the next year or so, we cannot forget what caused the 2010 spike. In 2010, 7.7 million families lost their homes to foreclosure, 1.2
Life after Shortsales in Portland, Or
There are many of us out there who have had to shortsale our homes. Including myself. Recently, I spoke with a lender and learned the guidelines for the Life after Shortsale buyer. It turns out, that there is hope for us boomerang buyers, as they call us, to purchase a home again.
Once you have re-established your credit, with no lates and carrying less than 20% on any one credit card, you may now be ready to purchase according to the following guidelines.
You may with 20% down, be eligible for a conventional loan after 2 years.
An FHA loan is possible after 3 years.
The USDA is available to you after 3 years. Remember, this loan is 100% financing in many of our rural areas. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
The VA for veterans is usually available after 2 years.
Isn't it wonderful to know that there is Life after Shortsales. I am so ready to get back into being a homeowner again.
We work with some wonderful local lenders who would love to help you get back into your new dream home. Give us a call and we would be glad to give you their contact information. Isn't it about time you were a homeowner again?
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