If you are considering buying a home after a short sale and plan on using cash, then you can buy immediately.
If you are considering buying a home after a short sale and plan on going FHA, you will need a minimum credit score of 620 and wait 3 years.
If you are considering buying a home with 20% or greater down payment, with 620 credit scores you can find lending sources after a 2 year waiting period.
Best to pull your own credit and evaluate if credit repair is required to raise your credit scores. This takes time and a 2-3 year waiting period will allow the credit repair work to be completed and your scores increase by your efforts.
Brock Realty Inc.
If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
I have a company that will allow you to get a home right away. You don't need to wait any amount of time as long as the short sale is finished and your credit report shows the mortgage account with a zero balance.
If anyone is looking for a mortgage loan in Florida and has a short sale (even if less than 2 years old) give me a call and I can pre-qualify you.
Faith Home Loans, Inc.
I can refer you to a local mortgage broker, who can analyze your current situation and recommend a course of action for you.
David Barr, Broker Associate