Posted on: 19th May, 2011 06:10 am
I hear that after a short sale, you can apply for a loan, but with not that great of interest rates, etc as well as waiting 90 or 120 days after the short sale even if your credit is in decent standings. Is this true? Is there more to this?
Generally you need to wait 2-3 years after short sale. Lenders will treat a short sale just like a foreclosure. There are hard money lenders who require more down payment, but they only care about the collateral of the property. If you have not already short sold the home, you can try to obtain new financing if you can cover both mortgage payments. Then rent or sell the original house, but after the short sale is on your credit, you will have to wait.
Hi kbgf,
I agree with Chris... you need to wait for 2-3 years in order to qualify for a new mortgage after a short sale. Though you have a good credit score or income, lenders will not be ready to give you a mortgage before that period of time.
Thanks
I agree with Chris... you need to wait for 2-3 years in order to qualify for a new mortgage after a short sale. Though you have a good credit score or income, lenders will not be ready to give you a mortgage before that period of time.
Thanks
