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New conventional mortgage after a commercial short sale

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dawne1 Joined: 13 May 2011 Posts: 1 1.35 Dollars($)	Posted: Fri May 13, 2011 5:01 pm    Post subject: New conventional mortgage after a commercial short sale Like 0 Dislike 0 We completed a short sale in March 2011 on a commercial property. Still have excellent credit (768) - no zero over 30's ever except the commercial property. Income good and stable. The bank took 3 years and we brought 3 different offers. In the process of trying to keep up with this horrific investment we sold our home (zero over 30 on that mortgage) and have been renting ever since. Is it possible to qualify for a new mortgage? Understand the Fannie Mae rules and all that, but is there anyone out there who will lend to us? It's no wonder we are still in this housing dilemma, with good buyers having to sit on the sidelines for 3 or 4 years!
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Mon May 16, 2011 12:12 am    Post subject: Like 0 Dislike 0 Hi dawne, You won't be able to qualify for a mortgage so soon. You need to wait for 2-3 years after a short sale in order to get a new mortgage though you have a good credit score and income. Thanks

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