Posted on: 15th Jul, 2009 02:55 pm
I sold my house in Florida 14 months ago as a short sale. As of 2 weeks ago my credit score is 675 my credit report classified the short sale as a negotiated settlement. I paid my mortgage for 8 years with no late and no missed payments but to qualify for selling as a short sale I had to become delinquent on the last 2 months. I have rented my present residence for the past 14 months with perfect record and will like to become a home owner soon. I need the assistance of a Mortgage Broker with experience in this situation.
Any Information is appreciated
Thank you Veronica
Any Information is appreciated
Thank you Veronica
veroparz
Welcoem to the forum
You have a good credit score and if you ahve good income, you may be able to qualify for loan again. But you may need to do some good amunt of down payment
Check with the lenders of this forum, they may be able to give you more direction on where to shop.
Good luck
Welcoem to the forum
You have a good credit score and if you ahve good income, you may be able to qualify for loan again. But you may need to do some good amunt of down payment
Check with the lenders of this forum, they may be able to give you more direction on where to shop.
Good luck
Hi Veronica,
The lenders generally require the borrower to wait for about 2 years after a short sale, to get approved for an FHA loan. But you have got a good credit score and you have rented your current residence for the past 14 months. So, you do have a decent payment history. I think it's worth a try for you to apply for a loan. There are lenders in this community with whom you can go for a no-obligation free mortgage consultation and see if at all you can qualify for an FHA loan at this point in time or if you need to wait until the 2 years after the short sale are over.
The lenders generally require the borrower to wait for about 2 years after a short sale, to get approved for an FHA loan. But you have got a good credit score and you have rented your current residence for the past 14 months. So, you do have a decent payment history. I think it's worth a try for you to apply for a loan. There are lenders in this community with whom you can go for a no-obligation free mortgage consultation and see if at all you can qualify for an FHA loan at this point in time or if you need to wait until the 2 years after the short sale are over.
Make sure that you qualify the mortgage broker/banker before they run your credit report. We have 800 and 750 credit with a year old short and on the surface we look great but alas after they run the credit (even after we have explianed the situation) it always falls through and we are left with another hard inquiry. just an FYI.
Make sure that you qualify the mortgage broker/banker before they run your credit report. We have 800 and 750 credit with a year old short and on the surface we look great but alas after they run the credit (even after we have explianed the situation) it always falls through and we are left with another hard inquiry. just an FYI.
Make sure that you qualify the mortgage broker/banker before they run your credit report. We have 800 and 750 credit with a year old short and on the surface we look great but alas after they run the credit (even after we have explianed the situation) it always falls through and we are left with another hard inquiry. just an FYI.