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Replies (6)
- sunnyview
- Contributions:25139
I had read that you had to wait 2-3 years to get a mortgage after a short sale if you had been late on your mortgage. Your scores sound like the good which is terrific, but I think most lenders want to see a couple years of stability before they lend again.
You can contact a lender in your area and ask them if there is anything you should be doing while you wait to make getting a mortgage easier. They might be able to give you some tips and information. It sounds like you are headed in the right direct. Short sale can be tough to deal with, but is sounds like you are already on your way to making a new start!
You can contact a lender in your area and ask them if there is anything you should be doing while you wait to make getting a mortgage easier. They might be able to give you some tips and information. It sounds like you are headed in the right direct. Short sale can be tough to deal with, but is sounds like you are already on your way to making a new start!
- Claudia Hoh, "Claudia Hoh"
- Contributions:2
It is my understanding that it takes an average of 2-3 years to get a mortgage after a short sale. I would suggest you try community bank and private lenders - they may have "their own" guidelines and consider your score and income and see past the history!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
With late mortgage payments you will be required to wait three years.
Happy funding, Rudi
Happy funding, Rudi
- Diana Boyesen, "Diana Boyesen"
- Contributions:36
One question: were you both on the note for the mortgage? It sounds like you were, since your post seems to indicate both of your credit scores went down. If only one of you was on it, the other might be able to purchase.
So many people are in your situation, and it is so hard to not be able to settle in and make a home your own. Have you considered purchasing a home with seller financing or on a lease purchase?
Your choices in homes are more limited, but if you like something it might be worth it.
And, as Rudi stated, you will have to wait 3 years for any kind of conventional or government mortgage.
So many people are in your situation, and it is so hard to not be able to settle in and make a home your own. Have you considered purchasing a home with seller financing or on a lease purchase?
Your choices in homes are more limited, but if you like something it might be worth it.
And, as Rudi stated, you will have to wait 3 years for any kind of conventional or government mortgage.
- sunnyview
- Contributions:25139
"Have you considered purchasing a home with seller financing or on a lease purchase? "
You have someone who just went through a short sale and you are pitching owner finance as an option? Owner finance deals often go south, give you fewer choices of home and can carry higher rates than conventional loans. that would seem to be a bad option as compared to waiting a couple more years for a conventional lending situation.
You have someone who just went through a short sale and you are pitching owner finance as an option? Owner finance deals often go south, give you fewer choices of home and can carry higher rates than conventional loans. that would seem to be a bad option as compared to waiting a couple more years for a conventional lending situation.
- Steven Brand, "StevenBrandHomeLoans"
- Contributions:1
You may possibly qualify for "limited eligibility" after as little as TWO YEARS.
See my BLOG [website deleted by Zillow moderator. Please refer to our Good Neighbor Policy for posting guidelines]
Mortgage after Short Sale?
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