Are you a First Time Home Buyer?...AGAIN?

Written by Posted On Wednesday, 05 February 2014 14:02

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.

Renting vs. Buying a home

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:


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 

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Charlie Allred

Charlie Allred is a Phoenix area real estate broker, designated broker for Secure Real Estate and an online marketing expert.  She works primarily in the east valley of Phoenix, which includes Scottsdale, Tempe, Paradise Valley Ahwatukee, Chandler & Gilbert.  She helps her home seller’s homes be found everywhere online.  She is also a Pinterest expert teaching other real agents how to gain more leads, followers & clients by using Pinterest.  She is the mother of twin daughters.  If you are considering selling your Phoenix area home or buying a Phoenix area home, contact Charlie today at  or 480-220-9979 to create a plan to get your house sold or find you the best home for you!

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