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DEBTGIRL
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  • 2 weeks later...
  • 2 weeks later...
hOW LONG AFTER A SHORTSALE CAN YOU PURCHASE ANOTHER HOME. I WANTED TO WAIT A YEAR AND WORK ON SOME CREDIT ISSUES AND SAVE MY DOWNPAYMENT. HOW LONG WOULD I HAVE TO WAIT. I ONLY WNT TO WAIT A YEAR AND A FEW MONTHS. CAN SOMEONE HELP ME WITH THIS? THANKS IN ADVANCE

DEBTGIRL

Hi DebtGirl,

There is no hard and fast rule, as it will depend on what your previous lender indicated on your credit report. It is possible you could do this right away and the worst case would be 2 years. If you can't qualify for an automated approval loan through DU/LP (typical vanilla conforming loan), you could try an manual underwrite FHA.

I would obtain a copy of your credit report and see what damage the short sale did to your credit. If you were 60 days or less, you may not have a tough time. If you were beyond that, you very well may face a 2+ year "wait"...

GaMtgGuy

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Hi DebtGirl,

There is no hard and fast rule, as it will depend on what your previous lender indicated on your credit report. It is possible you could do this right away and the worst case would be 2 years. If you can't qualify for an automated approval loan through DU/LP (typical vanilla conforming loan), you could try an manual underwrite FHA.

I would obtain a copy of your credit report and see what damage the short sale did to your credit. If you were 60 days or less, you may not have a tough time. If you were beyond that, you very well may face a 2+ year "wait"...

GaMtgGuy

Thank you, it's listed on my credit report as " Settled for less than owed" Paid. I think i'm going to try a contract for deed for a while. I just about got all of my credit paid off. i think i will wait and give it time.
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