If you listen to the media, investors and experts in the real estate everyone would be buying, buying and buying more. After all, with homes prices still soft and interest rates at ridiculously minuscule levels it would make sense. Many investors (and even owner occupiers) continue to break open there piggy banks and dig through their mattresses to pay cash for homes.
For those without a mattress full of dinero, most people think that they can’t get a loan especially after a short sale, bankruptcy or foreclosure. Not true. People just need to look in the right place and have a relationship with a loan officer who knows their stuff.
A couple of banks and credit unions can lend to homeowners after a short sale with no waiting period or only a 90 day seasoning. Wells Fargo offers a post short sale loan if the homeowner remains current with all payments and a completed Short Sale. Homeowners needs a legitimate hardship and will likely not be able to purchase in the same city. The rates are good as it is an FHA loan.
Up in San Francisco, The Mission SF Credit Union can lend with no waiting period after a short sale again with no lates. Even with lates, they can lend one year after a short sale. Normally, most banks will make borrowers wait two years before they can qualify for a new loan post short sale.
With both of these loans, borrowers must show improved credit history post short-sale and the guidelines can be strict. Savvy homeowners realize that options exist for those who seek to get off the bench and back into the game.