How Soon Can I Purchase New Home After Short Sale?
realtor.com | 2014-05-23 18:45

 
Q: How long do you have to wait to purchase a home after you had a short sale on a previous home? - Betty
A: The short sale likely reduced your credit score by around 160 points – and for all practical purposes you need to have 620 or better to get a loan. Time-wise you are looking probably at two years minimum provided that your new history is spotless. Of course, if you have enough cash you can buy at any time. Also you may look into “lease purchase” and ‘rent to own.” In these two situations decisions are made by individual owners – not by a bank – so no rules apply.
George Szkup is a Realtor-Broker with Tucson Home Advisor in Tucson, AZ.
A: Typically, here in California, one may do a new purchase after three years. Each lender is different and will look at different criteria, one being the reason for the short sale in the first place. Are there mitigating circumstances such as a job relocation? Were you laid off? Have you kept all of your other accounts current and in good standing? What is your financial picture now?
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