Home Buying in Santa Clarita>Question Details

Zsaree, Home Owner in Newhall, CA

I have a recent short sale, but i have a credit score of 600, i have up to 80000 towards a down payment . Will i be able to find a lender?

Asked by Zsaree, Newhall, CA Tue Aug 14, 2012

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7
Minimum credit score needs to be at least 620 and 3 years form your short sale to qualify for another purchase.
Good luck
0 votes Thank Flag Link Sun Oct 21, 2012
First off I believe it will be closer to 3 years befor you can puchase. Secondly, if the SHort Sale was that recent & you were late with payments, your FICO score may actually go down further. The $80,000 down payment is wonderful but do not get your hopes up as yet..
0 votes Thank Flag Link Sun Aug 26, 2012
Allan: Just closed one with the loan application being dated 24 months + 1 day past the recordation of the short sale. 20% down with a reasonable explanation as to why the short sale occurred.
Lenders have lightened up on the 'late payment' codicile as no short sale could make its way through the system without a late payment.
Less down payment? More time to wait.
Flag Mon Aug 27, 2012
Zsaree,

I agree with Claudia. If this is a recent short sale, you will have to wait 2 years to get a conventional loan again and when you do, you'll be required to put 20% down. You will need to wait 4 years for financing less than 20% down. My suggestion: talk to a mortgage lender you trust and look to repair your credit in the meantime. I recommend contacting http://www.FortressCreditPro.com
0 votes Thank Flag Link Sun Aug 26, 2012
Yes, you can find a lender but be prepared to pay a price as in higher rates for your loan if you can get it. Also remember to have enough to close not just for a down payment.


Good luck!
0 votes Thank Flag Link Sun Aug 26, 2012
Zsaree, you may be able to purchase a home with a private lender. They require a large down payment & higher interest rates. Let's discuss your specific interest. Tony Lewis RE/MAX of Valencia
Web Reference: http://www.TonyLewis.com
0 votes Thank Flag Link Tue Aug 14, 2012
You can buy again almost right away if you were never late on your payments before the short sale. If you were behind on payments you cannot quality for about 2-3 years. Typically lenders look for a credit score of 640 and above but hard money lenders don't care about your credit score. Your interest rate is a bit higher with hard money loans but most people refinance later so they are not paying that higher interest rate. If you have lender related questions feel free to contact me and I can put you in touch with one as well as a hard money lender. avhomes.nancy@gmail.com or (661) 733-3309. I can also set you up to receive emails of all listings in the MLS.
0 votes Thank Flag Link Tue Aug 14, 2012
You will be ineligible for purchasing another property until you have reached a minimum of 2 years past your short sale and have a minimum of 20% down.
You will need to go longer than that with less down payment (up to 4 years)
0 votes Thank Flag Link Tue Aug 14, 2012
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