What is the least amount of time a person has to wait after a short sale with a credit score of 700 and wife's credit score 810, to apply for a loan?

Asked by Vincent Paige, P.A ., Orlando, FL Mon Nov 12, 2012

They qualify for VA loan as well. HOme well be from 350-450K

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Maria Cipoll…, Agent, Coral Springs, FL
Mon Nov 12, 2012
A general rule is that you have to wait 2 to 3 years after a short sale. To get the right advice, it is crucial that you shop around for a mortgage broker that can exlore all your financial options. Mortgage broker have access to many banks, private lenders and many different financial programs.

Best of Luck,

Maria Cipollone

Century 21 Tenace

3 votes
Abraham Bidh…, Agent, Orlando, FL
Mon Nov 12, 2012
Hi Vincent:

As long as there are no other issues, such as bankruptcy,... 2 years is what Fannie Mae guideline is as of right now.

There also some private lender who would not care about the short sale, but of course they need high down payments and higher interest rates in exchange.

Hope this helps,

Abraham Bidhendi
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com Or abidhendi@ORLANDOPROPERTIESONLINE.COM
Website: http://reosofflorida.mfr.mlxchange.com/ Or http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 397 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
1 vote
Jennifer De…, Agent, Orlando, FL
Mon Nov 12, 2012
I have a lender that can work with you a minimum of 2 years after your short sale. As a general rule of thumb, credit scores really don't shorten this particular type of waiting period.

Jennifer De Vivo
The De Vivo Team
Charles Rutenburg Realty
Website: http://www.devivorealty.com
Blog: http://www.facebook.com/devivorealty
"Where Guessing Ends and Expertise Begins"
1 vote
Robert Krop, Agent, Frederick, MD
Mon Oct 13, 2014
Check with your local lender. There are different factors that will change the answer to the time frame requirements.
0 votes
Jeremy Holli…, , 22079
Tue Sep 30, 2014
Hi Vincent-

I have a portfolio program for borrowers 1 day out of foreclosure or short sale. I would be happy to discuss your clients specific scenario.
0 votes
Kim Benedict, Agent, Overland Park, KS
Fri Feb 28, 2014
Short sale is your home...? It depends on the damage done to your credit once its completed, if you were late with payments. Its best to get advise from a mortgage broker as they know and are licensed to answer the questions the most accurate information.
0 votes
Tabitha McCa…, Agent, Orlando, FL
Fri Feb 28, 2014
If you met with all the contingencies you could start looking for a home right away. My lender specializing in these so let me know if I can help :)

Tabitha McCausland, REALTOR
Cell: 407-810-5273
E-mail: Tabitha@McCauslandTeam.com
Website: McCauslandTeam.com
0 votes
Christopher…, Agent, Windermere, FL
Wed Dec 11, 2013
Hi Vincent,

Actually if they paid their mortgage in timely fashion and short sold it, they can immediately apply for mortgage. There are several mortgage companies who provide mortgages in these situations at prevailing rate plus 1 to 2%.
0 votes
wilder_nene, Home Buyer, Huntsville, AL
Mon Nov 12, 2012
My question to you is, Im self employed andwould like to purchase a home for the first time,but What do I need to show for income.
0 votes
Javier Rodri…, , Orlando, FL
Mon Nov 12, 2012
That is correct! I have 2 lenders that does not care about credit score unless they wait 2 to 3 years after short sale discharge.

Javier Rodríguez
HouseStar Realty
Real Estate Broker, REALTOR ®
Lic: BK703443
Short Sale Foreclosure Resource Certified – SFR
REO Five Star Institute Certified

: 407.429.5243 | Cell: 407.301.3401 | eFax: 407.830.5633
0 votes
Chad Gray, Agent, Fort Lauderdale, FL
Mon Nov 12, 2012

Your best bet is to contact a loan officer in your area that you trust now. Your discussion should include how much you qualify for, how long your loan offer will be valid for and the new documentation requirements.

Best of luck!

Chad Gray PA, Realtor
Luxury Living Fort Lauderdale
Coldwell Banker Residential Real Estate
0 votes
Christopher…, Agent, Tarrytown, NY
Mon Nov 12, 2012
Hi it depends on the type of loan you had before and are applying for now. The FHA allows buyers to re-enter the market quicker then Fannie Mae/Freddie Mac do. Speak to a loan officer to see what you will qualify for.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
william Raveis Legends Realty Group
0 votes
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