I've done a short sale. How long before I will be able to buy another home?

I've done a short sale. How long before I will be able to buy another home?

One of the biggest advantages in doing a short sale instead of foreclosure is the shorter waiting period before you are able to purchase a home in the future. For example, in certain circumstances one can be current on their payments and still do a short sale. And if a homeowner is current on their mortgage through a short sale, they can qualify for an FHA loan afterwards without any waiting period. The same option is not available following a foreclosure.
There are a number of variables that determine the length of the waiting period before you can purchase a home after a short sale, including the homeowner’s credit rating, extenuating circumstances and the guidelines of the lender you are working with.
While the timeline will vary according to each individual’s situation, here are some general guidelines on the waiting period for a loan after a short sale:
FHA loan after a short sale

• No waiting period if homeowner was current on mortgage when short sale closed
• 3 year wait if homeowner was in default at closing
• Less than 3 year wait if the homeowner has re-established good credit and can show extenuating circumstances

Fannie Mae loan after a short sale

• 2 year wait if the homeowner puts 20% down
• 4 year wait if the homeowner puts between 10% to 20% down
• 7 year wait if the homeowner puts less than 10% down
• 2 year wait if the homeowner can show extenuating circumstances and puts more than 10% down

Freddie Mac loan after a short sale

• 4 year wait before being able to get a loan
• 2 year wait if the homeowner can show extenuating circumstances

Every homeowner’s situation is different, so we always recommend that you speak with a real estate attorney who can offer advice on the legal and tax implications for your individual circumstances.

Painting Tips!

 

#1: Make a paint chip key ring

 I recently made my own paint chip key ring, and it’s so useful! I wish I would have done this long ago! It’s just a simple key ring with all of my paint colors and paint names attached. It really comes in handy when I’m out shopping for fabric, furniture, or decorative accents like pillows, etc.

 

#2. How to choose a paint finish

When you’ve never painted anything before, that first time to the hardware store is a doozy. Paint comes in a bazillion finishes and it can be really confusing when it comes to which one you’re supposed to get for which project.  So, after years of using different paint all over my house and my furniture, here’s what type of paint I usually get for different projects:

Flat paint: use for walls in living rooms, bedrooms, ceilings, or furniture

Eggshell: use for walls in hallways, dining rooms, kitchens

Satin: use for walls in bathrooms, or furniture

Semi-gloss: use for windows, trim, doors, and cabinetry

 

#3. Use Tack Cloth

Oh, tack cloth, how I love thee. Have you ever sanded down your furniture or wooden trim before painting it and then ended up with a million bits of fuzz and dust in your paint job? It can be so frustrating to paint a piece so perfectly and find out after it’s dried that there is a giant tumbleweed stuck right on top. Tack cloth is the solution for that. It’s basically like a kinda sticky rag that doesn’t get it’s stickiness anywhere. You just wipe down the surface of whatever you’re painting and it picks up everything. I use it on every single piece of furniture that I paint. I highly recommend it for your next furniture paint project.

 

#4. Furniture touch up pens

These things are definitely on my list of awesome inventions. I am well known around these parts for being heavy handed with a vacuum cleaner and scratching up the legs of all our furniture.

 

#5. Save time with artist brushes

I love this next tip. It saves me tons of time when painting!  I use this tip a lot when painting our house. I almost never remove the doorknobs (unless I’m doing this), hinges, and electrical outlets. Instead, I use a small artist’s paintbrush to edge around them. They’re so small and precise and they work perfectly for this. They work really great for touching up small knicks and marks on your walls, too.

 

#6. Prime before painting wood

I painted a lot of furniture before I learned about primer. It was the MOST annoying learning lesson I’ve endured yet, as most of those pieces ended up having to be redone. I’m sure it’s common knowledge to any of you seasoned furniture painters, but for those of you just starting out (like I was a few years ago!), hopefully this tip will save you from the trauma of peeling furniture. 

 

#7. Wax it.

When it comes to finishing furniture, wax is my favorite method.

 

#8. Cheap Sources for Paint Cans

 Did you know you can get empty paint cans of all different sizes at Home Depot for just a few bucks? 

 

#9.  Gloss spray paint

I’m obviously a huge fan of all types of spray paint. However, my personal fave is high gloss spray paint when it comes to coating small accessories or ceramics.

 

#10. My favorite gold spray paint

There are a million gold spray paints out there, but they are not made equal. Don’t get me wrong, they all work just fine. However, if you’re looking for that certain gold color that is super trendy right now, yet always classic, my go-to gold spray paint is Rustoleum Metallic Gold.

 

 

 

Important Home Improvement Projects for Summer

Decking

We recommend self-inspecting your deck each year for issues such as loose nails or screws and wood that is rotted or warping. Ignoring these issues can compromise the deck’s stability. A deck will last longer if it is power washed annually and stained as often as needed.

 

Roofing

It’s important to inspect your roof every six months to ensure it’s in good working order. It’s best to catch potential issues in good weather rather than in the middle of a thunderstorm when you encounter water leaking into your home. 

Warning signs that your roof is nearing the end of its lifespan include curling shingles, loose granules and discoloration. It’s also a good idea to have a professional come out and inspect your roof after storms with heavy winds, excessive rain or hail. 

 

Siding

Closely examine your siding to see if any of it has become loosened or has started to rot. It’s imperative that damaged siding is addressed as quickly as possible so that moisture does not have the opportunity to set in. 

All types of siding can benefit from a spring cleaning. This can be done by the professionals or by using a long-handled brush dipped in soapy water. Power washing is not recommended in most cases because it can damage the siding.

 

Temperature control 

Check for cracks and drafts in windows and doors, which not only raise the temperature of your home but also your energy bills.

Air filters 

The purpose of an air filter is to keep airborne contaminants out of your home. The cleaner your air filter is, the less your home’s HVAC system has to work to keep your home cool. How often you change your air filter depends on the following:

• Pets
• Number of people living in your home
• Type of filter being used
• Level of air pollution and construction around the home

Driveways and walkways

Small cracks can be remedied by visiting your local home improvement store and purchasing a product that allows for patching and resealing. If there are a number of cracks or ones that are significant, we feel it’s best to call a professional so that there’s little to no evidence of the patching. 

 

 

Here are some everyday do it yourself home tips that can save you money and make your life easier.

• Keep a rug from slipping by applying strips of acrylic latex caulk on the bottom
• Apply hot glue to the ends of your hangers to keep clothes from slipping off
• Rub a dryer sheet on your baseboards to prevent hair and dirt from sticking
• Clean your showerhead by soaking it in a bag of vinegar overnight
• Save money on bed skirts and use a fitted sheet to cover the box spring
• Applying a thin layer of car wax to your stovetop keeps food from sticking  making easy clean up
• Dust off your electronic screens with coffee filters as they leave no residue
• Use a fillable dish soap sponge, filled with a mixture of vinegar and dish soap to easily wipe down  your shower keeping it clean daily without the harsh chemicals
• Rub wax paper on your closet, or shower curtain rod to make hangers or curtains slide better
• Organize your cleaning supplies with an over the door shoe organizer
• Use garden planters as hanging storage baskets throughout the home; store fruit in the kitchen or hold towels in the bathroom.
• Spray nonstick cooking spray in your candle holders to easily remove wax
• Organize your Tupperware lids using a dish drying rack
• Quiet a creaking hard wood floor by sweeping baby powder into the cracks
• Aluminum foil can be used in place of a steel wool scrub pad for pans with baked on food
• Use newspapers to clean your windows without streaks
• Rub walnuts onto small shallow wood scratches to hide flaws