Posted on: 08th Feb, 2013 10:31 am
We competed a short sale on our home in August of 2012. We have been working on our credit score since then. Our score is now around 730. We have money for a down payment. Other than the shortsale our credit history is very good. Is there any place we can finance a home?
Hi ta idaho,
You won't be able to qualify for a home loan so soon after a short sale. You will have to wait for 2-3 years after a short sale in order to qualify for a loan.
Thanks
You won't be able to qualify for a home loan so soon after a short sale. You will have to wait for 2-3 years after a short sale in order to qualify for a loan.
Thanks
Hi ta idaho!
Welcome to forums!
James is right. You won't get any kind of mortgage so soon after a short sale. Most of the lenders will avoid giving you a loan though you have a good credit score. You should wait for at an year and then start applying for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
James is right. You won't get any kind of mortgage so soon after a short sale. Most of the lenders will avoid giving you a loan though you have a good credit score. You should wait for at an year and then start applying for a loan.
Feel free to ask if you've further queries.
Sussane
I agree with the posts above that you would not eligible for the mortgage loan after a short sale. You will have to wait for a considerable time to qualify for one.
I agree with the posts above that you would not eligible for the mortgage loan after a short sale. You will have to wait for a considerable time to qualify for one.
How soon you get a mortgage depends on which loan you apply/qualify for.
FHA loans you have to wait 3 years while for a conventional loan you need to wait for 2 years.
For USDA loan the waiting period can be less than a year depending on if you meet the conditions, one of which is having a credit score above 660.
Talk to a broker to see if they can work out anything for you.
FHA loans you have to wait 3 years while for a conventional loan you need to wait for 2 years.
For USDA loan the waiting period can be less than a year depending on if you meet the conditions, one of which is having a credit score above 660.
Talk to a broker to see if they can work out anything for you.
2 to 3 years is the norm. I had to wait 3 years, some lenders say 4 years.
You still have a 730 score? you must've had a 790 around the short sale. Good job and keep installments loans (car) open as they help you move back up. I am still at 695 down from a 760.
You still have a 730 score? you must've had a 790 around the short sale. Good job and keep installments loans (car) open as they help you move back up. I am still at 695 down from a 760.
It depends, some lenders tell you that you will have to wait for 4 years while some would let you only after a short period of 2 years.