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mortgage after short sale

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aapl4theteacher Joined: 16 Mar 2008 Posts: 15 6.60 Dollars($)	Posted: Mon Sep 28, 2009 9:45 pm    Post subject: mortgage after short sale Like 0 Dislike 0 What are the most recent guidelines for the timeline on obtaining a mortgage after short? I've heard they have changed in the last couple of months.
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Tue Sep 29, 2009 1:58 am    Post subject: Like 0 Dislike 0 As far as I know, you won't be able to get a mortgage immediately after you short sale the property. You'll have to wait for 2 years at least in order to receive a mortgage. Moreover, a short sale would also reduce your credit score by 100 points. You should make sure that you improve your credit score before applying for a loan. You won't be able to qualify for a loan with a bad credit score. _________________ Good is the Enemy of Great.

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