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Lsanchez · Joined: 08 Jan 2009 Posts: 2 1.63 Dollars($)

Can any body tell me how many years have to pass before I can buy a house after I loose my house in a short sale or Foreclousure?

smithsussane · Posted: Thu Jan 08, 2009 7:46 pm Post subject:

Hi Lsanchez!

Welcome to forums!

As far as short sale is concerned, it will lower your credit by 75-100 points, but I don't think it will lower your chances for getting a loan to buy a house.

As far as foreclosure is concerned, it remains on your credit report for 5 years from completion date. In between 5 to 7 years, you will only be able to purchase a personal residence. Also you should have a minimum of 10% down and a good credit score. Also you can only do limited cash-out; no regular cash-outs are permitted. After 7 years you can get normal rates and terms for getting a mortgage.

Feel free to ask if you have further queries.

Sussane

kingno1 · Joined: 25 Apr 2008 Posts: 61 21.19 Dollars($)

Hello, I just short saled my house last month.. Would be interested to know the same. My credit already dropped by 70 points due to not paying 4 months of mortgage payments. Will it drop by another 70-100 points due to short sale?

Caron · Posted: Mon Jan 12, 2009 4:45 am Post subject:

Yes, I think your credit score will drop further by 80-100 points after the short sale.

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How many years to get credit after a short sale?