Posted on: 09th Apr, 2010 10:14 am
Is there any way to find a lender who will finance a new build ($255K) with a low down payment, given that I have one 30-day late with a short sale from a year ago?
Hi jfi,
It is quite difficult for you to qualify for a new home loan with a short sale, just 1 year old, on your credit report. One 30-day late payment will not cause you much problem, provided you can show valid reason like job loss or other financial hardship for that single late payment. But the short sale on your credit has to be at least 2 years old for you to get approved for a mortgage. Moreover, your current credit scores will also have to be good. What are your current credit scores?
It is quite difficult for you to qualify for a new home loan with a short sale, just 1 year old, on your credit report. One 30-day late payment will not cause you much problem, provided you can show valid reason like job loss or other financial hardship for that single late payment. But the short sale on your credit has to be at least 2 years old for you to get approved for a mortgage. Moreover, your current credit scores will also have to be good. What are your current credit scores?