Posted on: 04th Jan, 2011 09:29 am
We just did a short sale that closed in September 2010. We had to do the short sale because my husband was laid off and was only able to find a job 3.5 hours away. Our credit was excellent before the short sale (750-800) and we were current on all payments. For the short sale our realtor said we needed to miss payments. When all was said and done we missed 3 months. Now my husband makes more and we only have a car payment and thats our only debt at all (no cc or loans, etc. etc.). Our credit is still good (650-700). Do we still have to wait for the 2 year period? We just moved to a town that is pretty much a buy town and there are hardly any rentals so we'd love to be able to buy sooner if possible.
The regulations are continually changing so while the 2 year wait is probably correct, it would be best to contact a major lender and get a direct answer on this. Also, you might want to check with a credit union as well. It's possible they might keep the loan in their portfolio and be more lenient on this.
You also said your credit (scores) are still good at 650-700. You need to at least get your actual FICO score from either Myfico or Equifax to see what it is. The same if you have a co-borrower as there is a big difference between 650 and 700. 650 would not be considered a good score these days.
You also said your credit (scores) are still good at 650-700. You need to at least get your actual FICO score from either Myfico or Equifax to see what it is. The same if you have a co-borrower as there is a big difference between 650 and 700. 650 would not be considered a good score these days.