Posted on: 03rd Feb, 2010 05:50 pm
I lost my house(condo) almost a year ago. I did a short sale on it. I hear 12,18, or 24 mos as a waiting period before buying again. So which one is it???I was screwed along with the thousands of homeowners that had to to the same thing. The reason i bought was because i didnt want to stay behind and at the end i had to sell, what a luck. I still have a VA loan to use. Does it help?? I want to buy a house, not for me but for my family. I dont know how this work but if someone reads this and can help me or guide me pls.
Thanks,
Ricardo
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Thanks,
Ricardo
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Hi rmagana,
As far as I know, after a short sale, you'll have to wait for 2-3 years in order to get a mortgage. A short sale will be mentioned as a negative item on your credit report and would reduce your credit score by 75-100 points. You will have to improve your credit score first and then apply for a loan.
Thanks
As far as I know, after a short sale, you'll have to wait for 2-3 years in order to get a mortgage. A short sale will be mentioned as a negative item on your credit report and would reduce your credit score by 75-100 points. You will have to improve your credit score first and then apply for a loan.
Thanks
Thats not exactly the case. I have two loans in process right now for folks that sold their homes as short sales. They stayed current on the home until the short sale went through. DId you fall behind on your loan? If not you can buy now you will just need a good explanation of why you did a short sale.