Posted on: 19th Mar, 2013 12:03 am
Is there any kind of mortgage option that we can opt for 1 year after the short sale? We own our own property have money in savings and have almost perfect credit scores. But last year we had to do a short sale on our home to sell it. Are there any options left?
The normal waiting period is 2-3 years, though you can try USDA loan if you have a high credit score and have not been in late payment over the last 12 months amongst other requirements that USDA mortgage company will take you through.
Though it is difficult to get approved for a mortgage one year after short sale, but some lenders may still be agree. But, you may have to pay higher rates. It is better to wait for 2-3 years after short sale to get a new loan.