short sale; how soon after can we buy a house?

Hi, I am currently in the short sale process. Bank wants me to pay $5000 on closing and $10000 on promissory note. We recounter offer back that we could only pay $2500. Freddie Mac own my loan. Would they approve my short sale? (Cash offer is going on right now) How long will it take for the decision? Thank you

Hi Lilia!

Welcome to forums!

It will be Freddie Mac's discretion as to whether or not they will approve your short sale. If the lender agrees to the cash offer that you have made, then the short sale will take place asap.

Feel free to ask if you've further queries.

Sussane

Hello people,
I was wondering if there's any Bank that would give me a Home Loan after my Short Sale back in 6/2009. This June will be my 2 full Year. My credit score is almost in the 700's. I have no more credit card or personal loan debts, I only have a few Student Loans.

any ideas on any Banks...?

Hi Yangie,

As 2 years are over since the short sale and if you have a good credit score, you'll be able to get a mortgage now. You should contact the local lenders and apply for a mortgage in order to buy a new property.

Thanks

Thanks for the tips Jameshogg,

I just spoke to Wells fargo, they told me I need to wait until my 2 full years are up in June and then they can do a Loan approval for me.
It all deppends on my Credit score, Debts, etc. Now my Credit score is 682, when June comes around, I hope my Credit Score will be in the 700's..?
I'd need 20% down if I get Conventional or 3.5% dow n is FHA.

But I'm ok with eigther Loan :)

Welcome Yangie,

If you take steps to improve your score, then your credit scores will get increased to 700 or more. However, with a credit score of 682, you will get a FHA loan but you will have to pay a down payment of 3.5% - 5%.