Financing in 80011>Question Details

Melissa Foll…, Home Buyer in Denver, CO

I experienced a short sale 2 years ago, my current credit score is mid 600's, what is the chance of me being able to obtain financing to

Asked by Melissa Follett, Denver, CO Tue Jun 14, 2011

purchase agai

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Hey Melissa--

Thank you for your question. If you are able to put 20% down on a new home then you are past the 2 year waiting period. If you don't have 20% to put down then you will have to wait one more year before you can purchase. The great thing is that during the next year we can work with you to build your credit score to make sure you are in the best financial position possible, when you are able to purchase again. As a certified Path 2 Buy coach I will be able to put you on a program and put you on the successful path to homeownership. Myself and the Kinslow Team would be honored with the opportunity to work with you.

Please call me with any questions to set up a time to meet and discuss your situation and develope a plan.

Ryan Urbach
1 vote Thank Flag Link Tue Jun 14, 2011
Hi Melissa. Regarding your short sale, general FHA guidelines state no waiting period if you were not delinquent at the time of the short sale. If you were delinquent, there is a 3-year waiting period. Fannie Mae guidelines (conventional loan) have a waiting period of two years for a loan with an 80% maximum LTV (loan-to-value ratio), or four years for a loan with a 90% LTV. (In other words, 20% down vs. 10% down.) If you can document extenuating circumstances, the waiting period for a loan with a 90% LTV drops to two years. Lenders typically will have their own minimum credit score and requirements that they will work with. Your best bet is to talk to a lender who can look at your personal situation. I have a couple of excellent people I've worked with that I'd be happy to refer you to. Serena (
1 vote Thank Flag Link Tue Jun 14, 2011
Hello Melissa,

There's a few other questions that a lender will want to ask you. You should contact a good lender and discuss your circumstances with them. I know that there's something with short sales if you have to move do to a job transfer and move more then 50 miles, you may be able to purchase another home right away. But, I am a Realtor, not a lender, you really need to talk to a lender. I just forwarded your question to a lender that many of my clients really like. Ryan Urbach of Fairway Mortgage. They are highly rated wit the Better Business Bureau and recently recommended on a local news channel. Ryan will look over all of your information and let you know if you can purchase now or not. On top of that he will go over everything it takes to make sure that you can buy again and help you along the way.

I hope you are able to find what you are looking for. Good luck to you and everyone else who had to do short sales over the last few years.

Sandy Kinslow
The Kinslow Team LLC
1 vote Thank Flag Link Tue Jun 14, 2011
Some lenders require a waiting period of 2-3 years after short sale. some don't. You may visit and see if you qualify for a loan.

Dana Lindberg
CFS Mortgage -
0 votes Thank Flag Link Sat Oct 26, 2013
Hi Melissa,

2yrs is the limit if you go conventional loan and you have a minimum of 20% to put down. The Short sales stays with you for 3 yrs so anything less then 20% or FHA/VA will not allow you to be approved. 3 yrs is the term for these types of loans.

0 votes Thank Flag Link Thu Oct 17, 2013
Hi Melissa,
You are eligible to purchase a new home if you are interesting I would more than glad to help you
Just give the area where would you like to live I will here to help you.
0 votes Thank Flag Link Tue Jun 14, 2011
Hi Melissa,

You can buy a home after a two year waiting period if you have 20% to invest as your down payment.

Please feel free to contact me if you have any further questions, I'd be glad to help.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA (w/a 580 score), 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
0 votes Thank Flag Link Tue Jun 14, 2011
Basically, if you did not miss any payments during the short sale process, you may still qualify for an FHA loan now but if you missed payments or were late on any payments, you will have to wait 3 years for the short sale date.
0 votes Thank Flag Link Tue Jun 14, 2011
HI Melissa, Your chances are very good. If you've been on your current job for 2yrs. if you have been making payments on your current accounts and haven't been late in 18 months and of course if you have the downpayment. Contact a mortgage rep and find out. Remember if you intend to buy a home don't create any new credit, don't be late on existing credit debt , don't change jobs and only let your credit be run once for now. Your score is good but running your credit can lower it.

All the Best
Dave & Lisa
Web Reference:
0 votes Thank Flag Link Tue Jun 14, 2011
Melissa, there are many different factors involved in being able to qualify for a loan. I'd be happy to refer you a mortgage broker who can give you an idea of what you qualify for now, or what you need to do in order to become qualified.

Web Reference:
0 votes Thank Flag Link Tue Jun 14, 2011
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