Consumption and Real Estate
How long should I wait to buy a home & what mortgage company is the best to deal with?
Question : How long should I wait to buy a home & what mortgage company is the best to deal with?
I just did a short sale on my home about 2 months ago. I want to purchase another home because of the deals in the market place. How long do I need to wait and are there any mortgage companies that are willing to work with individuals in my situation? My credit score dropped to 550. I have $ 15,000 to put down and i’m looking at property in the $ 100,000-$ 150,000 range. Any advice would be great.
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Best answer:
Answer by Lynn 911 – Dallas Top Realtor
I am a Dallas real estate agent, and a Dallas home mortgage loan officer. It depends if the short sale was listed on your credit report. I am assuming that you had late payments, more than likely you will need at least 12 – 24 months prior to applying for a loan, keep current on your payments no late payments. Your credit scores will increase.
However real estate is always a great investment. Perhaps locate a family member you can assist you.
Visit my website if you are searching for Dallas home foreclosures. over 4000 properties listed. http://www.lynn911.com
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#4 written by PoohBearPenguin 1 year ago
Your credit score is going to be a problem. Is there any thing you can do in the next few months to get that up above 650? Focus on paying down any debts (especially revolving debts or credit cards). That will make it much easier to get a loan.
I would go with a local mortgage broker, and not to a specific bank or lender. A broker will be able to better shop around for different types of loans at many different banks.
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#5 written by Etta P 1 year ago
Sorry, not in today’s market. A short sale is treated just like a foreclosure without a judgment. It’s going to be years before you will be able to purchase again, you are a high risk consumer. Lenders lose money on short sales, just not as much as a foreclosure. No one is going to take a chance lending you any more money until you have re-established an ability and willingness to repay
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I was once in your situation. Don’t worry, everything will work out for you =)
A year ago I found this organization that gives people up to $ 1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.
http://www.my-rent-mortgage-help.org
Good Luck!