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Answers (8)
- Jennifer Srock, "HomeBuyerSpecialist"
- Contributions:74
As of recently, it is 3 years if you're trying to go FHA and 2 years if going conventional. Of course, it is best to speak with a lender about your specific situation.
- user533302
- Contributions:1
Check out Arizona mortgage lenders for help on this. They have Phoenix Arizona mortgage loans for people that had a short sale.
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- cvdman11
- Contributions:3
What are the chances of getting in to another FHA loan again? I have read if you have extenuating circumstances that you might be eligible again in less than two years. I not sure about any others out there but getting $60 to $70k together for a down is unlikely for us even with another year of savings time. Aren't there any other approaches/avenues we could take without paying outrageous interest rates?
To make this easier we did had lates during the short sale. As I said we had to move to Az. Due to a crisis situation. We checked our MOP code at it is reflecting a (9) short sale for our last mortgage. Our credit scores at this time are right at 660 and climbing. We are actively paying down all debts. We have very little debt.
Thanks for all the replys so far! We really appreciate it!
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
I have already seen people go through the short sale process and immediately purchase another home. It depends on if you missed any payments and what your mortgage company reports to your credit report.
- Jennifer Srock, "HomeBuyerSpecialist"
- Contributions:74
I didn't know how to edit my 3 into a 2 to clarify the 2 year minimum. So, I guess I'll post a new reply. I'm glad there were others to clarify it first. Sorry for any confusion.
Since there's more to qualifying for a mortgage, the best advice is to go to a lender now to prepare for when you're eligible.
The lender I use is Cheryl Barber | Nova Home Loans
Since there's more to qualifying for a mortgage, the best advice is to go to a lender now to prepare for when you're eligible.
The lender I use is Cheryl Barber | Nova Home Loans
520-560-2109 | email: Cheryl.Barber@NovaHomeLoans.com
- Judy Berg, "Judy Berg"
- Contributions:14
CONGRATS! You are almost to the 2 year after your short sale. Also saving money for a good down is great! You can get pretty much any mortgage you want, Of course you need to have your credit score at least 640 or better.
I have already sold some of my 'short sale' clients after their 2 yea. wait.
With prices so low and interest rates under 4%, what a fabulous time to buy.
I have been in real estate for over 20 years in Arizona.
What area are you looking to find your home. I work mostly the East Valley, Ahwatukee and South Mountain area(Phoenix).
I would be happy to set you up on an automatic search of what you want and need in your home.
Feel free to email or call me any time.
Judy 602-818-4465
I have already sold some of my 'short sale' clients after their 2 yea. wait.
With prices so low and interest rates under 4%, what a fabulous time to buy.
I have been in real estate for over 20 years in Arizona.
What area are you looking to find your home. I work mostly the East Valley, Ahwatukee and South Mountain area(Phoenix).
I would be happy to set you up on an automatic search of what you want and need in your home.
Feel free to email or call me any time.
Judy 602-818-4465
- Roswell Moore, C.M.P.S., "Mortgage.Coach"
- Contributions:104
Hi cvdman11,
Sorry to hear about your short sale. The short answer to your question is YES! You may buy a home two years after a short sale with 20% down.
All the best,
Ros
Roswell Moore, CMPS
Certified Mortgage Planner
Scottsdale, AZ
Sorry to hear about your short sale. The short answer to your question is YES! You may buy a home two years after a short sale with 20% down.
All the best,
Ros
Roswell Moore, CMPS
Certified Mortgage Planner
Scottsdale, AZ
- Jennifer Srock, "HomeBuyerSpecialist"
- Contributions:74
You'll have to contact a mortgage lender to discuss your specific scenario. However, you should expect not to be able to purchase a home until a minimum of 3 years after your short sale.
Can i get a mortgage after a short sale?
Thanks for all the feedback!
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