Posted on: 15th May, 2010 07:55 pm
I'm currently going through a divorce, and we are going to have to short sell our house. It is currently on the market and I've started to look at townhomes/smaller houses to move into after the sale.
I spoke with a mortgage banker at my local bank branch, and he thought that I would be able to qualify for a FHA loan. He mentioned though that my individual debt to asset ratio is too high to be able to qualify for a new mortgage until after the sale of our home.
He suggested renting 1-2 months between the sale of our existing home and buying the new one. Has anyone had to do this before? Is this normal?
When we purchased our current house, we were able to move right after the sale of the house.
It just seems like a logistics issue trying to find a short term apartment, store everything I own, etc for a couple months.
Thanks!
I spoke with a mortgage banker at my local bank branch, and he thought that I would be able to qualify for a FHA loan. He mentioned though that my individual debt to asset ratio is too high to be able to qualify for a new mortgage until after the sale of our home.
He suggested renting 1-2 months between the sale of our existing home and buying the new one. Has anyone had to do this before? Is this normal?
When we purchased our current house, we were able to move right after the sale of the house.
It just seems like a logistics issue trying to find a short term apartment, store everything I own, etc for a couple months.
Thanks!
Welcome jenmcnitt,
As far as I know, after a short sale, you will have to wait for 2-3 years in order to get a new mortgage in your name. Before that, lenders will not be ready to give you a loan. In case, if you get a mortgage, you would be liable to pay higher interest rates.
As far as I know, after a short sale, you will have to wait for 2-3 years in order to get a new mortgage in your name. Before that, lenders will not be ready to give you a loan. In case, if you get a mortgage, you would be liable to pay higher interest rates.
From what I've been told (and read) you can qualify for FHA mortgages right away after a short sale.