12-13-13 For those wanting to buy again, this is an important question: “When Can I Buy Again?”
The good news is you can. When you can buy depends on who buys or insures the loan. Martin Goldberg has some nice guidelines relating to this question. He posted it in May 2013. Keep in mind lending guidelines change and Mr Goldberg’s information may be dated. See the link below.
Another option is to look for private financing. If you have a good and reliable income, private lenders are willing to lend money. You’ll pay a higher interest rate, but at least you’ll be able to buy. Do some research in your community to find these lenders. Their returns at the bank are very low, they might bite at something higher!