Financing in 75001>Question Details

Shelly, Renter in 75001

How long does do you have to wait to purchase a house after a short sale. Situation_caused by divorce. Living in TX

Asked by Shelly, 75001 Tue Nov 8, 2011

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Joshua Lerette’s answer

That is a great question, the answer is actually not cut and dry and as simple as many may think. I must get more information before i can even answer the question. For instance, where you ever reported late on a mortgage payment prior to the short sale going through? If the answer is no, then you may be able to buy right away with wait period. If the answer is yes, it may be a little more difficult. I would love to discuss your possibilities further with you. Feel free to contact me at any time. We are a national direct lender with access to the industries most competitive rates but more importantly service second to none.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
0 votes Thank Flag Link Tue Nov 8, 2011
Typically most lenders prefer 2 years from short sale reported. Recommend confer with mortgage broker who can review your loan application

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Nov 8, 2011
Shelly it depends on how you negotiated with your bank how they will report it. If you had a good negotiator, you may be able to buy right away, if you did not negotiate it and it is a negative, it could be over 2 years. They key at this point is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for given your divorce and short sale.…

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0 votes Thank Flag Link Tue Nov 8, 2011
Many lenders will require you to wait 2 years. Check with a local lender to see if they have any programs you can fit into.
0 votes Thank Flag Link Tue Nov 8, 2011
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