Financing in Morrison>Question Details

babynplisa, Home Buyer in Morrison, CO

I short sold our primary residence in early 2010 since we had moved out of state. I still own a home that I rent out, but would like to buy a primary

Asked by babynplisa, Morrison, CO Wed Feb 1, 2012

residence again. I have a great income, is there any chance of getting a home loan this soon after the short sale?

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Lenders are in the business of making loans. 20-30% of the want-to-be borrowers/homeowners like yourself, now and in the near future will be making loan applications. I've been in the business over 31 years and am always amazed how quickly banks adjust after an economic downturns to make loans again. Believe me they will not be turning their backs on 20-30% of their market share. Instead they will create new lending products to fit the public's needs caused by past financial challenges.

I know several very skilled lenders who can quickly assess your situation and answer your questions very quickly. Give me a call and let's help you get started finding your new home. Ed Quinn 303-807-7688
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0 votes Thank Flag Link Wed Feb 1, 2012
I agree that speaking with a loan officer is a great first step. Preliminarily, you could also check your credit to see what your score is. I think you will need at least a 680 and no late payments for the last 12 months.
0 votes Thank Flag Link Wed Feb 1, 2012
Visit with any licensed loan officer to determine qualification; generally it can take anywhere from two to seven years after the short sale; your loan officer can best advise.
0 votes Thank Flag Link Wed Feb 1, 2012
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