Posted on: 31st Jul, 2009 04:16 pm
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?
Do we have a chance of going and purchasing a home at this point?
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
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
kathyjones,
try to imrpove your credit score, & then apply for mortgage loan
try to imrpove your credit score, & then apply for mortgage loan