Posted on: 21st May, 2010 03:19 pm
My wife and I will need to get back in the game with a home purchase. We had short-sale our house but were behind on payments. I had also did a debt settlement on credit cards that were 180 days etc. Now we have no debt except some small credit line cards that are paid every month. Of course our scores went from 750's to 550's. What are our options for a reasonable loan. Can we include a father/mother member that has pristine credit and no debt as a co-signor? I'm thinking we can get a reasonable loan that way and maybe do a re-fi 5-7 years out to remove co-signor.
Hi edoherty,
You have said that your property went through a short sale. Immediately after a short sale, you won't be able to get a mortgage. You will have to wait for 2-3 years in order to get a loan. After 2-3 years, you can use your parents as co-signor in order to get the loan.
Thanks
You have said that your property went through a short sale. Immediately after a short sale, you won't be able to get a mortgage. You will have to wait for 2-3 years in order to get a loan. After 2-3 years, you can use your parents as co-signor in order to get the loan.
Thanks
James is right. It's going to likely take 2 years before you can get a mortgage. Unfortunately, things like bankruptcies, foreclosures, short sales have a way of lingering.
Jim
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Jim
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