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kathyjones28 · Joined: 31 Jul 2009 Posts: 1 1.00 Dollars($)

we are currently closing on a short sale( due to lay off and inability to get a job in same area) We are current on our payments and have a credit score from 770 to 820.
Do we have a chance of going and purchasing a home at this point?

jameshogg · Posted: Fri Jul 31, 2009 8:17 pm Post subject:

Hi kathyjones,

You won't be able to purchase a property immediately after a short sale. You will have to wait for around 2-3 years to get a loan. A short sale would reduce your credit score by 80-100 points. In this 2-3 years, you can try to improve your credit rating and then look out for loans. Meanwhile you can stay at a rented apartment.

Thanks

williamdona2001 · Joined: 31 Jul 2009 Posts: 54 0.00 Dollars($)

kathyjones,

try to imrpove your credit score, & then apply for mortgage loan

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buying after a short sale