Buying a rental house

[Z06killinsbf]

I'm currently renting my house do to a recent relocation and I had to short sell my house in GA (was on the market over a year). My wife and I like the house enough and I know the landlord mentioned about selling it to us when we initially rented it. What are my options about going through maybe like a rent to own type deal and how does my short sell effect this? My paper work for my short sell basically states that no money was owed (I paid mortgage up until I left) and that no further actions were being taken. Another thing, the VA came back saying my home loan was useable again. Ideas? Recommendations?

[Real Estate Nate]

I'm currently renting my house do to a recent relocation and I had to short sell my house in GA (was on the market over a year). My wife and I like the house enough and I know the landlord mentioned about selling it to us when we initially rented it. What are my options about going through maybe like a rent to own type deal and how does my short sell effect this? My paper work for my short sell basically states that no money was owed (I paid mortgage up until I left) and that no further actions were being taken. Another thing, the VA came back saying my home loan was useable again. Ideas? Recommendations?

Owner financing may be your only option for a while. Call me if you want to talk about this in more detail.

[slowyellow]

Good luck bro, damn navy, lol.

[SVT Lurch]

It depends how it shows up on your credit, but it's likely a "charge off' on a mortgage account which is viewed as a foreclosure by FNMA's automated underwriting system. That means you'll have to wait 3 years for FHA financing and between 5 and 7 for conventional. As Nate said your only hope would be owner financing or a local bank where you have an established relationship (or somewhere that doesn't sell to Fannie or Freddie). Sorry to be the bearer of bad news, but if it's any consolation you're not alone.