QUESTION: If someone had a short sale finalized in June 2013, can they buy a new home? What would the down payment requirements be?
ANSWER: The soonest they could purchase going FHA would be three years from the foreclosure or claim settlement date, the latter of the two. VA is two years. Conventional is seven years, four years is some cases (maximum 90% LTV and O/O).
Mike Turk SVP Area Manager
NMLSR # 219193