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California short sale, is it a foreclosure?

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Crystal Guest	Posted: Mon Apr 20, 2009 9:14 pm    Post subject: California short sale, is it a foreclosure? Like 0 Dislike 0 I did a short sale in June of 2008 and escrow closed in October of 2008. I bought my home for 280,000 and short sold it for 130,000 my credit score shows 120 days late. I currently have a 539 credit score (lowest) and 631 (highest) , sorry I can't remember my mid score. I want to buy a home this year but I hear rumors that I have to wait at least 2 years others say 3 and some say 1 year. So how long do I really have to wait? I have a bit down to give if I need to, but I really want to know how much longer until I can buy a home again... Thanks!
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Mon Apr 20, 2009 10:39 pm    Post subject: Like 0 Dislike 0 Hi Crystal, If you want to go for a conventional loan, the waiting period to qualify for a loan after a short sale would be 2 years. Had it been a foreclosure, the waiting period could have extended to 4-5 years. However, if you were not more than 60 days late, you could have qualified for a loan almost immediately after the short sale. You may still qualify for a loan, but you will be required to pay a high interest rate and a considerable amount of down payment.

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