Home Buying in Orlando>Question Details

traceyjennif…, Home Buyer in Orlando, FL

will i b e able to buy a house or condo if i have 643 score and cash and when i ws married now divorced my house sold as a short sale?

Asked by traceyjennifer, Orlando, FL Wed Oct 10, 2012


Help the community by answering this question:


With conventional financing you'd have a minimum waiting period of 4 years unless you had a qualifying extenuating circumstance and then it's only two years.

With an FHA loan, you could obtain financing immediately after the short sale if your property was current during the short sale. Please keep in mind that just because a FHA will allow you to do this, it doesn't mean there won't be strict guidelines with a lender so make sure to ask what the criteria with them is to do this (if they'll even do it at all).

You may contact me directly or ask follow-up questions here.
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Mon Dec 3, 2012
Yes, you can buy right now and take advantage of these low prices as real esate if on its way back up.

I actaully can do 1 day out of short sale, BK or foreclosure.

Take a look at the loan programs below and contact me after 2:00 today


0 votes Thank Flag Link Wed Nov 28, 2012
Hi :)

Well after a short sale you need to wait 3 years and have a score of 620 or more. If you are buying Cash that don't apply because you can buy right away, On condos is extremely hard to get financing

I hope that had answer the question for you :)

Thanks and God bless

Miguel "Michello" Ortiz
Credit Adviser and Real Estate Agent
Credit Upgrade Services LLC
0 votes Thank Flag Link Tue Nov 27, 2012
Miguel, You should check with your lender on things ilke this, it's important to know the correct answer before broadcasting your knowledge online, especially if the information turns out to be incorrect. :(
Flag Mon Dec 3, 2012
Also try a credit union. GTE Financial gave a mortgage to one of my tenants after closing only 3 months earlier on a short sale. He had a solid job history and good income compared to his purchase price so it was a low risk mortgage. Other typical lenders may require you to wait a minimum of 2 years after closing a short sale before they can "fit" you into the specific criteria that will allow them to immediately sell off your mortgage the day after it closes.

Good luck!

All the best,
Alma Kee, Tampa
0 votes Thank Flag Link Wed Oct 10, 2012
These are just lender overlays. A borrower can get a home immediately after a short sale but it's important to review overlays with the lender as it's not as cut and dry as "ok, short sale completed, I can get another house".
Flag Mon Dec 3, 2012
Hi Tracey,

How long ago was the short sale and how much cash do you want to use for the down payment?
I'll check with my lender after I get this info.


Hunter Via
0 votes Thank Flag Link Wed Oct 10, 2012
Hi Tracey & Jennifer,

That depends on if you are paying all cash for the property. Your credit is not the concern. Many lenders prefer a 620 or better so you are fine there. Its the short sale that is a concern. It depends on when that was done. I can put you in contact with a great lender that can help you. I have seen several posts on here from you and it seems like you have a lot of different questions. Lets talk so that I can help you further.

Jennifer Barker
Exit Realty Central
0 votes Thank Flag Link Wed Oct 10, 2012
Mortgage Broker responds:

30% down?

Start packing to move!

0 votes Thank Flag Link Wed Oct 10, 2012
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