Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for user5163193

Buying after a short sale

I purchased my home at the end of 2007 just prior to the housing bubble burst.  I purchased for $210,000 with an FHA loan and down payment assistance for a 1st time borrower.  In 2010 my company closed its Atlanta office and relocated me to Chicago.  I sold my home in a short sale that closed in Jan 2011 for $80,000.  I was never late on my mortgage payments, or any other debt.  The only thing that shows on my credit report is a notation of "this loan settled for less than full amount," on my mortgage, but also shows "paid as agreed."  I am trying to find out the waiting period to qualify for another FHA loan?  I have seen mixed answers on this subject.  Some have said I have to wait 3 years period.  Others have said that if there were no late payments on my mortgage, that I can qualify sooner.  Can someone please shed some light on this issue?  I am a year and a half out of short sale, and would like to plan accordingly for my next home.  I'm not necessarily in a rush to purchase, but I want to take advantage of the best deal possible.  Housing prices and interest rates are low and won't last forever.  Also, if I qualify for a new mortgage, will my interest rate be higher due to the short sale?  My credit score dropped from 720 to 650 after the short sale, but has since come back up to 685.  Advice?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 23 2012 - Des Plaines
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

My web site has some lender references. Give them a call. There is no cost to speak with them.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 23 2012
 
Related Questions
Buying after a short sale
Profile picture for Philip Sencer
Latest answer by Philip Sencer
August 23 2012 | 1 answers
is it a good time to buy a investment apt. building?
Profile picture for Bob Brandt
Latest answer by Bob Brandt
June 11 2010 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 3700 Capri Ct APT 405, Glenview, IL Home For Sale
    3700 Capri Ct APT 405, Glenview, IL 60025

     For Sale: $135,000

    • Beds: 2
    • Sqft: --
    • Baths: 2.0
    • Lot: --
  2. 633 Quincy Bridge Ln, Glenview, IL Home For Sale
    633 Quincy Bridge Ln, Glenview, IL 60025

     For Sale: $92,700

    • Beds: 2
    • Sqft: --
    • Baths: 1.0
    • Lot: --
  3. 920 Beau Dr UNIT 101, Des Plaines, IL Home For Sale
    920 Beau Dr UNIT 101, Des Plaines, IL 60016

     For Sale: $84,500

    • Beds: 2
    • Sqft: --
    • Baths: 2.0
    • Lot: --