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3 Year Mark after Short Sale

I am coming up on my 3 year mark after my short sale and have good credit (my top score is currently a 738 with Experian, 720 on Equifax in the middle, and my lowest is a 719 with Trans Union (which really irritates me that is considered 'fair', but one more point is considered 'Good', hopefully that will come up soon. With those scores, can I expect to get the lowest mortgage rate or am I fooling myself?  I really, really want to buy a house the minute I can get mortgage approval. When exactly should I try to get a mortgage, the day after my 3 year is up, a month after, can I try a week before? Should I go for a mortgage approval first? I don't even know how much of a mortgage I can get at this point but what I don't want to happen is find my dream house, get approval and then find out like some of the other people on this site, that when it gets to the underwriting process will not be approved. Any and all advice is certainly welcome, all I want is to own my own home again! 
  • July 31 2012 - Town of Plymouth
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Answers (3)

I have had lends tell me that you can qualify to purchase again anywhere from 2-3 years post-short sale. You might be able to qualify now. I would start by calling a few lends (a mix of independent and large bank lenders) and find out if you can qualify right now. 
  • July 31 2012
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Best of luck,

Eric
  • July 31 2012
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For FHA financing a borrower in default on the mortgage at the time of the short sale are ineligible for FHA financing for at least 3 years from the date of the short sale.  All will depend on the "AUS" system if it is giong to give you an approve/eligible. 

The obvious is to get with someone and see if you get approved, if you don't see what needs to improve and what will get you to an eligible/approved status on the "AUS" system.

Hope that makes sense. 
  • July 31 2012
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