I think I need to ask my question a little differently. I want to get a VA or FHA loan. I have a 700 FICO, $70,000 in annual income and $125,000 in my jeans. BUT, I also had a short sale about 16 months ago...NOT 2 years, but 16 months ago. (An investment property) I have been told I can't get a new mortgage until that sale has "aged" two years. Am I screwed? If you are guessing, you are not helping me. Anyone got a definitive answer? Thanks
Thanks...Both very useful answers. Good information
Did a short sale on an investment property about 18 months ago. FICO is back to 700 at this point. Will I have trouble getting a VA loan?
I am looking to buy a home within the next 180 days. I have about $22,000 consumer debt and annual family income of $72,000. I have been offered a $9,000 loan at 8%. I could lower the interest rate on about 1/2 my debt, but I would still owe the same amount. Good idea or not?