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chez603 · Joined: 09 May 2009 Posts: 1 1.64 Dollars($)

I closed on my last home in October of 2008, it was a Short Sale. I am trying to purchase a home and am trying to get qualified however 3 Lenders I spoke to looked at my Credit Bureau which shows with that last Mortgage Company a notation which states, "Creditor Settled for Less than Owed" , so all 3 of thjem look at it as a Foreclosure. I am coming up on a year with my Rental and would like to move to my own home instead of signing another 1 year lease. I would like to know what I can do.

SSPINGARN · Posted: Sat May 09, 2009 9:03 pm Post subject:

you should be ok but i would wait for a full year in your rental

savior70 · Posted: Tue May 12, 2009 5:15 am Post subject:

Hi

A foreclosure is often considered almost similar to a foreclosure because in both the cases the creditor is settled for less than owed. You'll have to wait for at least 2 years to get a loan, be it an FHA loan or a conventional loan. You'll also have to work on improving your credit score during this time. You may get a loan within 1 year of the short sale, but you'll be charged high interest rates. So, it's better to work on your credit and wait for some time before applying for a new loan.

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Qualifying for a Mortgage Loan after a Short Sale