February 16th, 2012 2:09 PM by Sam Kader
Having a second chance is possible after a short sale. Here are the general guidelines:
If planning to use FHA financing; then:
The last requirement of extenuating circumstances is where it gets cloudy. An extenuating circumstance, according to FHA is one of the following:
If you don't meet the above criteria for FHA; here are the time frames you have to wait before purchasing again for Fannie and Freddie:-Fannie Mae Conventional 2 years with 20% down payment, 4 years with 10% down payment, and 7 years with less than 10% down payment.
-Freddie Mac - 2 years with extenuating circumstance and 4 years for financial mismanagement.
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