Posted on: 02nd Nov, 2012 02:48 am
We short sold our condo in 2011 (month of May). We had exhausted our savings to maintain our excellent credit. We have never been late on any payments and had to rent out the condo in 2010 and 2 months in 2011. I am an employee of my husbands LLC and he is 100% owner. We have over $50k in 401k and $25k saved up for down payment on FHA loan. Does anyone know who will lend to us? We are looking for conforming $415k loan. Our credit scores are in low 700's.
Hi Clover,
After a short sale, you will have to wait for 2-3 years in order to qualify for a loan. In such a situation, I don't think you will qualify for a loan now.
Thanks,
Jerry
After a short sale, you will have to wait for 2-3 years in order to qualify for a loan. In such a situation, I don't think you will qualify for a loan now.
Thanks,
Jerry
Hi Clover,
I agree with what Jerry has said. You should contact your lender and apply for a loan. But before 2-3 years have passed since the short sale was completed, I don't think you will be able to get a loan.
Thanks
I agree with what Jerry has said. You should contact your lender and apply for a loan. But before 2-3 years have passed since the short sale was completed, I don't think you will be able to get a loan.
Thanks