1 year after we did a short sale and looking for options. I pay 2000 a month rent and have credit score over 700 and my wife's score is over 740.

Asked by Brian, Northwood, NH Wed Oct 17, 2012

We make over 140,000 and have some credit debt since we can't build our scores without debt. I'm looking to buy a cottage for us to use when we retire and become snowbirds. She was on the deed only and didn't take as big of a hit as I did on credit report. 100% on time payments for 19 plus months. I want to buy the cottage, either lease to own or no money down for her. I'm renting this from the owners for 6 months @ 5,000. If anyone can help, emt3252@aol.com is email and checked often. Thanks Brian.

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Virginia Kazlouskas (Gregory)’s answer
Virginia Kaz…, Agent, Hudson, NH
Mon Nov 5, 2012
Typically it takes two years to buy a home with financing after going through a short sale. I haven't heard of a company willing to do it before then. If the seller is willing to work with you to draw up a lease-to-own contract then you should be able to move forward in a year if your scores are in the 700's. Feel free to call me with any questions.

Virginia Gregory
Harmony Real Estate, Inc
2 Winnhaven Drive
Hudson NH 03051
(603) 620-3428 Cell
(603) 883-8840 X12 Office
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Scott Godzyk, Agent, Manchester, NH
Fri Oct 19, 2012
Brian there are some variables such as how the short sale was recorded and how much you have to put down. You wont quailify for FHA but there are other types of mortgages. You should get prequailified by a local and trusted lender to see what direction you should take by buying together or just your wife. A loan officer will be able to give you real answers while anyone else is just guessing without seeing your credit and financials. If you are already renting it, then it is hard for any other agent to come in and try and negotiate for you now, you should set up a lease purchase where part of the rent is credited towards your down payment and or closing costs. It is unlikely you will get in for no money down unless you quailify for VA or even a USDA loan whioch may work.
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