Are You a first time home buyer AGAIN?

In the past 5 years over 242,000 homes were sold in Maricopa County (Phoenix Metro area) as distressed properties, either as a foreclosure or a short sale.  This is a large number of homeowners who are now considered first time home buyers, again!

If you have not owned a home for 3 years, you are considered a first time home buyer.  This is extremely good news for many of the former homeowners that sold their home through a short sale or foreclosure.

This means most of the displaced homeowners can now buy a home.  There is a waiting period to obtain a new home loan, I have outlined all the waiting periods for all the major home loan programs with little or no down payment.  Another huge advantage to a home buyer.

If you are a Veteran and have the eligibility for a VA loan, a new home loan can be obtained 2 years after the completion of Chapter 7 Bankruptcy, a Short Sale or a Foreclosure.

Meanwhile, FHA loans and USDA loans, both of which have very low downpayment programs, have a waiting period of 3 years after the completion of a Short Sale or Foreclosure.  There is only a 2 year waiting period for a Chapter 7 Bankruptcy for an FHA loan and 3 years for an USDA loan.

Many of the homeowners that went through a Short Sale or Foreclosure are now eligible to purchase a new home.   In Maricopa County, the median sales price at the end of 2013 was approximately $185,000- which is still a very affordable home!  A monthly payment for a $185,000 purchase price with little or no down payment would be less than $1000 per month.

It’s a buyer’s market right now and a great time for homeowners to jump back in the market.

For more information in the Phoenix real estate market: http://securerealestatephoenix.com/real-estate-buyer/are-you-a-first-time-homebuyer-again/

About the Author

Charlie Allred is a Phoenix area REALTOR®, Author, Short Sale Expert &  mom to twin daughters.   She can be reached at 480-220-9979 or This email address is being protected from spambots. You need JavaScript enabled to view it..  She is the broker/ owner of Secure Real Estate www.srephoenix.com