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Answers (7)
- Dale Weir, "YourSTLHome"
- Contributions:20
Each situation is different. You need to sit down with a local mortgage expert and have them go through your file with you. If your credit scores are high enough, you may be able to buy a home now. If not, they may be able to help you determine things that you can correct on your credit score to raise it high enough to buy in the near future.
- Frank Becerra, "Las Vegas agent"
- Contributions:84
There is a program that allows you to finance a house 12 months after foreclosure or short sale considering that you did not damage your credit in any other way. Have a look at my profile if you want to get in contact with the lender.
- Brian Dant, "briandant"
- Contributions:3
The best thing to do is contact a mortgage expert in your area. Make an appointment and let them evaluate your situation.
- Suzie Marquardt, "NevadaShortSales"
- Contributions:91
The rules for a new loan vary a little. I have a great lender that will help you answer that question. I always leave lender questions to the lender. They know all the variables. The lender I have used for 12 years is Dorothy Reynolds.Her Phone number is 702-461-3700. I highly recommend her.
Thank You
Suzie Marquardt
[contact information and hotlink removed by Zillow moderator]
- Debbie Salmon, "Debbie.Salmon"
- Contributions:622
you can purchase a home 3 years after a short sale sometimes 2 years chck around with lenders
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
With FHA financing you can purchase a home 1 day after a short sale if your mortgage payments & installment debt (car loans, student loans, etc.) were all paid on time for the 12 months prior to the short sale and you are not taking advantage of declining market conditions by buying a similar or superior home in the same commuting distance as where you short sold. Otherwise you'd have to wait 3 years for FHA financing.
Fannie Mae (conforming) financing will allow you to purchase 2 years after the short sale (no matter what the reason is, or if you went late on the mortgage or not) if you have a 20% down payment, and if your situation was due to extenuating circumstances then at 2 years you just need a 10% down payment. I am helping someone in Missouri purchase a home just 2 years after a short sale right now, with a 20% down payment.
Fannie Mae (conforming) financing will allow you to purchase 2 years after the short sale (no matter what the reason is, or if you went late on the mortgage or not) if you have a 20% down payment, and if your situation was due to extenuating circumstances then at 2 years you just need a 10% down payment. I am helping someone in Missouri purchase a home just 2 years after a short sale right now, with a 20% down payment.
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
You can look into FHA, depending on what the reason for the short sale was you may be able to do it now. Other wise you need to wait 3 years.
Mortgage after a Short Sale
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