Posted on: 15th Jan, 2010 02:43 pm
In nov 09 I closed a short sale on my home. Due to divorce and loss of significant spousal income, my payments were more than I could afford long term. I was lucky enough to complete the transaction without missing any payments and my credit scores still range from 736-780.
If and when would it be realistic for me to be able to buy another home?
Im looking to purchase something significantly less than the 3500 sqft home I just sold.
If and when would it be realistic for me to be able to buy another home?
Im looking to purchase something significantly less than the 3500 sqft home I just sold.
Hi Chloe,
You won't be able to qualify for a home loan immediately after a short sale. You'll be able to get a loan after at least 2-3 years of a short sale. You will have to wait for that period of time and then start applying for a mortgage.
Thanks
You won't be able to qualify for a home loan immediately after a short sale. You'll be able to get a loan after at least 2-3 years of a short sale. You will have to wait for that period of time and then start applying for a mortgage.
Thanks