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Short sales 12/07 - good scores - where can I get a mortgage

Posted on: 02nd Jul, 2009 04:56 am
I had a few short sales that closed in 12/07 and my scores are all over 680 but have been told that I have to wait 3 years before I can get a loan. I have paid off all my credit cards and am debt free - I am employed same career for last 9 years making almost 6 figures - where can I get financing????
Hi Kathy,

You need to wait for at least 2 years to get an FHA loan after the short sale. For conventional mortgage, you need to wait 4 years. You have got a good credit score and a long employment history. It is already past 1 year 6-7 months since the short sale. I think if you wait for a few months till the time it completes the 2 year period after the short sale, you can get an FHA loan. Until that time, you can take your credit past 700 and save some down payment money so when you apply you get a good deal from the lender.
Posted on: 03rd Jul, 2009 02:39 am
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