Home Buying in Orange Park>Question Details

Matthew Conn…, Other/Just Looking in

I had a short sale on my house about 6 months ago. Roughly how long do I have to wait to be approved for another loan for a house?

Asked by Matthew Conner, Fri Jul 20, 2012

I'm a firefighter for 7 years and with the National Guard for 5. I'm deployed now. When I return it will be a little over a year since the short sale.

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2
Thank you for your service! In dealing with mortgage brokers... they tell me that for a short sale... it is a two year waiting period. That MAY loosen up.... the rules they follow are constantly changing! In the meantime... it would be best to concentrate on having money to put down on a home... building up your credit score... so you will be better prepared when you are ready to buy!

Take care and contact me if you have any more questions!
0 votes Thank Flag Link Sun Jan 6, 2013
The word right now is 2 years for a shortsale and 3 for a foreclosure.
I doubt that this will change soon enough for you; but I am predicting that the Banks will loosen up on this when they realize that they are excluding 50 to 70% of their potential customers.
Concentrate on getting your Credit Score up, and maybe you'll be good. Save every penny you can. Do not close accounts; just keep them to the minimum.

Oh, and thanks for serving.
Good luck and may God bless
0 votes Thank Flag Link Fri Jul 20, 2012
2 years sounds good to me. Wonder if the fact that our home we have now is worth 130,000 and we only owe 50,000 counts as an exception if we wanted to shop around?
Flag Fri Jul 20, 2012
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