I short-sold my home in October – when can I get a mortgage again to purchase a home?
by Mortgage Rates on Saturday, October 16th, 2010 | 5 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
I hope soon. You should talk to a loan officer because it really depends on your credit score. I heard that you can buy as soon as a year after short selling. Good for you that you have saved for a down payment. Buy soon because it’s a great time to buy.Good luck!
At least 2 years. You essentially defaulted on a loan and it will not be taken lightly. And it shouldn’t be.
You will be able to qualify for a new mortgage in 18-24 months. If you wait 3 years you can qualify as a 1st time homebuyer. Save your money and be ready to buy at the bottom, congratulations on a successful short sale.
You will need to wait a few years before you can qualify for a home mortgage again. A short sale is not much better on your credit record than is a foreclosure. The only difference is that the short sale is voluntary, while the foreclosure is not. The end result, however, is the same. Your lender took a considerable loss and you failed to honor your financial commitment. Sometime in 2012 is your approximate time frame, as long as you keep the remainder of your credit file spotless in the interim.
i try to write the answers your problem in my blog http://www.mysecuredloan.co.cc you can see any problem in my blog or in my business blog http://www.mystructuredsettlement.co.cc