Yes, you can buy a house within 1 year of a Naperville short sale if you meet the prerequisites.
Homeowners who have gone through short sales in Naperville now have another chance at homeownership, thanks to some changes in housing rules by the FHA and Fannie Mae.
Over the summer of 2014, the Federal Housing Administration (FHA) made some policy changes that now allow former homeowners and short sale sellers to purchase another home a year after the Naperville short sale was completed. This is very good news for Naperville homeowners who qualify, considering the previous waiting time to get a new home loan and buy a new home used to be 2 to 3 years after a short sale.
The FHA released its “Back to Work” program where qualified borrowers can apply for a new home loan 1 year after a short sale, foreclosure, or bankruptcy.
Some of the qualification prerequisites for the borrower include:
- Should have lost their home as a result of a financial hardship that was no fault of their own.
- Should not have any other negatives on their credit report except for the short sale.
- Required to take counselling class on housing if he or she plans to take an FHA home loan.
With these new guidelines in place, homeowners who have gone through a Naperville short sale can now get to their second chance at homeownership faster if they meet the qualification criteria.
For more tips and advice on doing short sales in Naperville, please visit
If you are ready to do a Naperville short sale call me, Teresa Ryan at 630-276-7575. As a certified Short Sale agent and Managing Broker/owner of Ryan Hill Realty, I have the experience and tools to help you sell your Naperville short sale home.
Teresa Ryan
Broker/Owner, CDPE
Ryan Hill Realty
1288 Rickert Dr Suite 300, Naperville, IL 60540
630-276-7575
TRyan@RyanHillRealty.com
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