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Zbryzy, Home Buyer in Peoria

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Asked by Zbryzy, Peoria Wed May 23, 2012

I had a short-sale in Dec.2010, but my husband's name was not on the mortgage. What would be the best thing to do, wait until we both can apply for a new mortgage or try to see if my husband qualifies on his own? and how long do I need to wait after a short sale to be able to try to buy another home? My FICO score is 680. Thanks

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I have a couple of lenders that I work with that can re-qualify you for a loan after two years from a short sale. The minimum credit score to qualify is typically 620, so I would say you are good there, although to have you on it may mean that you aren't in the market until December. If your husband can qualify with just his income that may certainly be a way to go. I have two excellent Mortgage Bankers that I work with that are incredible knowledgeable about the appetite of various investors to take folks after a short sale or foreclosure. One of the is Jason Servais with On Q Financial and the other is Jennifer Zakaras with Suburban Mortgage. Both fantastic, trustworthy and responsive folks that will give you honest feedback and work hard to get you back in to the position to own a home again. Contact me on my profile page or at the phone number below and I would be happy to send you their contact info!

Best Wishes,
Chris Spalding
Realty ONE Group
(602) 312-7237
1 vote Thank Flag Link Sun May 27, 2012
Dear Zbryzy,

Everyone's situation is different. There is no way that we can or should advise you on this question. I have seen some people purchase after 2 years and others much longer after a short sale. There are far too many variables that we are unaware of to guide you in any direction.

My advice to you would be to contact your local lender. Ask him or her to make time to go over your financials and ask their opinion. You may also want to talk with your accountant.

The encouraging news is that you have a 680 FICO score following a short sale. You should be able to move forward very soon. Come back and let us know how it turns out and the best of luck to you both.
0 votes Thank Flag Link Wed May 23, 2012
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