What Are the Credit Implications of a Real Estate Short Sale?
Q: How does a short sale affect my ability to purchase a new home?
The good news is that a short sale will allow the consumer to obtain an institutional loan for a new home within two years. Fannie Mae guidelines allow a seller to immediately apply for a new loan to buy another home if that seller kept the payments current, had no delinquencies exceeding 30 days, and did not agree to repay the debt relief.
In other words, if you keep your mortgage current, you may be able to purchase another home the next day!
If you do have any delinquent payments on your mortgage, you may have a 2 year seasoning period where you may not qualify for a new loan under Fannie Mae guidelines.