Profile picture for MegGobeil

Buying a home after a short sale

My husband sold his home in October 2013 through a short sale. We relocated for his job ( His choice) and this was the only option we had of selling the house. My name was not on the mortgage. I'm wondering how long until we can apply for a home loan? I make about $750 a month myself ( through part time newspaper job and babysitting job) Could I qualify for a home loan myself with my husband as a cosigner? Or could I apply for a loan for myself? (based on my small income but obviously my husband would be helping pay for the home.) We would much rather put equity into a home rather than pay $1000 a month in rent.

Thank you.
  • February 05 2014 - Bangor
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

If your husband was put on the loan as a cosigner, then the lender will see his finances and short sale. Also, although your husband is helping you pay off the mortgage, your qualification for the mortgage would be based off of your finances alone and excludes the fact that your husband would help. You can try to apply on your own but that income may be to small, especially if you have any debt. You would most likely need your husband on the loan. There is usually a short sale waiting period before your husband can obtain another loan. The waiting period can last anywhere from 1-7 years depending on the circumstance. So the best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • February 07 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for MegGobeil
Thank you Tim!
  • February 05 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Outer Banks N C
You can apply anytime, getting approval will be more difficult. Part time jobs will not help too much. The lender will want to see your tax return that shows income and I am betting you don't show much there from your income. Speak with a lender, but I think it will not be easy to get a loan right now.
  • February 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.