Financing in Knoxville>Question Details

lesliebel, Home Buyer in Pittsburg, CA

I would like to buy a house after a short sale due to medical bills. We missed 9 payments.We had ex. credit before.

Asked by lesliebel, Pittsburg, CA Sun Jun 23, 2013

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Hello Leslie,

You will have to wait a minimum of three years for an FHA loan and two years with approved extenuating circumstances and 10% down for a Conventional before you will qualify for a mortgage loan. Your credit history and score will be the deciding factor in when you will be approved. However, you can go ahead and contact a local mortgage professional to help you with a plan to purchase. If you would like me to send you names of a few excellent agents in town, just give me a call or an email.

Mary Kidwell
Realty Executives Associates
109 Northshore Dr. Suite 201
865-588-3232 office
865-603-2706 cell
0 votes Thank Flag Link Mon Jun 24, 2013
How long ago did you complete the short sale? FHA guidelines say you can buy again after two or three years. Private lenders may be more lenient. So, depending on what you have done to improve your credit score, and how much of a down payment you have saved, you will definitely be able to buy again, it's just a matter of time.
0 votes Thank Flag Link Mon Jun 24, 2013
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