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 mjraz
Joined: 12 Oct 2009
Posts: 2
1.57 Dollars($)
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 Posted: Mon Oct 12, 2009 8:47 pm Post subject: New mortgage after short sale? |
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| I recently sold my home by short sale. Is it possible to get a new mortgage? I was told it would be two years after the short sale for FHA loan. Are there other loan types that I would qualify for? |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1735
35.94 Dollars($)
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| Posted: Mon Oct 12, 2009 9:22 pm Post subject: |
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Depending on yoru credit score and incoem you may be able to apply for a new mortagage in 12 months time
Expect the rates to be higher than normal |
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jenkin7
Joined: 04 Jun 2007
Posts: 4282
Location: Hawaii
675.69 Dollars($)
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| Posted: Mon Oct 12, 2009 10:26 pm Post subject: |
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Hi mjraz,
You will have to wait for at least 2 years to qualify for an FHA mortgage after a short sale. For conventional mortgages, you will have to wait for 3-4 years. You also need to improve your credit scores sufficiently after the short sale to qualify for a mortgage. It is going to be virtually impossible to qualify for a new mortgage in 12 months time after the sale, given the situation this market is in. |
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kas_mah80
Joined: 06 Sep 2009
Posts: 31
-0.11 Dollars($)
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| Posted: Sun Oct 18, 2009 3:40 am Post subject: |
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if your credit score is good then a little bit chance that you can get any other loan but the time period is the require to get loan ,one thing more that you can also take fha loan and the time periode is not completed after that your score will good and you can easily take loan ,
i hope you can understant my points ,
regards
kas |
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