after I did a short sale last year how long it will take me to buy another home?

Asked by Protegeaugustave, Saint Louis, MO Tue Dec 11, 2012

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Lynn Brock, Agent, Sarasota, FL
Tue Dec 11, 2012

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.

Best regards,

Lynn Brock
Brock Realty Inc.

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Suzanne MacD…, Agent, Succasunna, NJ
Tue Dec 11, 2012
A lot depends on whether you were current with your mortgage payments at the time of the short sale. If payments were not current, two years is the rule of thumb. If payments were current, under some circumstances you can buy again right away. Talk to a good mortgage lender for answers on your specific situation and advice on how to move forward.
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Faith Home L…, , Florida
Tue Dec 11, 2012
I can do it with zero months!

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.

Andrew Ollick
Faith Home Loans, Inc.
0 votes
Daniel Hilts, Agent, Sarasota, FL
Tue Dec 11, 2012
Depending on your other credit before and after the Short Sale. If the rest of your credit was fair to good, you possible could purchase withing 18 months. Hope this helps!
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