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Can we get a loan with short sale 1 year ago and 580 credit score? Hard times are gone?

My wife and I live in Louisiana and are looking to buy a new home. Credit scores are low. Want to use my VA Loan. I make 80k plus bonus, she makes 34k, we get extra income from her parents who we take care of. We just paid off a bunch of our derog accounts and still have a few more.
  • February 04 2013 - Mandeville
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Answers (2)

You can get a VA loan 2 years from the short sale completion date. However, you can immediately re-enter the market if the short sale is sold with no mortgage delinquencies for the previous 12 months. Your score may need to be higher. I know for me I would require a 640 score, but there are others who can do lower. Will depend on your overall review of your credit. I would contact a local loan officer and start the process to see what your options are. If you don't qualify now they should be able to let you know when you can and if you need to take any additional steps to qualify. 
Take care and good luck,
  • February 04 2013
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Unfortunately you'll most likely need to wait 36 months from the transfer date.  There is a loop hole if there was an extenuating circumstance but generally it would need to be a major health issue or a death of spouse...  That type of thing.

  • February 04 2013
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