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Regular Contributor
ilzhoefer
Posts: 194
Registered: ‎01-28-2013
0

Anyone get a Loan after a Short Sale

Hello:

 

After 2 years of the first delinquency, my short sale is now officially closed.

 

I would like to hear from people that have had a short sale and have also gotten a loan afterwards.

 

How long after the closure of your SS did you get a loan?

What type of loan was it?

 

I am just trying to see what I can do to improve my chances of getting a loan in the future.

Any advice is appreciated.

 

My credit score is a 686. No other delinquencies, etc....

Community Leader
Senior Contributor
StartingOver10
Posts: 4,581
Registered: ‎03-06-2010
0

Re: Anyone get a Loan after a Short Sale

For purposes of obtaining a new mortgage, the clock starts from the date the short sale closed and the deed was transferred to the new buyer, not the date of first delinqency.

 

So when did you have your short sale closing? 

Regular Contributor
ilzhoefer
Posts: 194
Registered: ‎01-28-2013
0

Re: Anyone get a Loan after a Short Sale

Just now.

So it will take a month or so, for the credit bureaus to report it as closed, but the damage is already been done as far as the credit score goes.

Or am I incorrect?

 

Thank you.

New Visitor
2511rb
Posts: 2
Registered: ‎11-09-2013
0

Re: Anyone get a Loan after a Short Sale

Hello, i am told that your short sale will effect your ability to get a loan for 2 yrs, after the short sale is complete, mine was complete on Oct 15 2011 but lenders wont touch me and my credit score equifax is 747 , expirien 730, trans union 737

Regular Contributor
ilzhoefer
Posts: 194
Registered: ‎01-28-2013
0

Re: Anyone get a Loan after a Short Sale

Wow!

I can't you believe you can't get a loan now, with those scores. It would seem to me if you have that type of credit history and a consistent employment, someone should allow you to get a loan, rather than judging people what's on a piece of paper.

Established Member
VanRickets
Posts: 34
Registered: ‎09-14-2012
0

Re: Anyone get a Loan after a Short Sale

My short sale closed in October 2012.  Both my husband's and my credit scores have come back up, since nothing has been delinquent except the mortgage payments.  Our short sale was due to a job loss and having to move out of state.  FHA will approve borrowers who lost their home due to hardship.  The wait is now 12 months.  A conventional loan is still 2 years post short sale.  

 

We are hoping to purchase a home in 2014 and go the FHA route. All of our money was tied up in the other home, so we don't have 20% down.

FICO 708
TU 726
EQ 737
EX 737
Super Contributor
DallasLoanGuy
Posts: 6,350
Registered: ‎07-03-2007
0

Re: Anyone get a Loan after a Short Sale

you can buy with fha right now if you were current on the loan when it sold.

 

any lates and you have to wait 2yrs or more.

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Member
cammyspot
Posts: 5
Registered: ‎05-27-2013
0

Re: Anyone get a Loan after a Short Sale

 

VanRickets is correct. I spoke with a rep from FHA about this very issue. I had a DIL complete in Aug 2013 and I would be looking to go this same route with FHA in the next 12 months. 
Starting Score: Jun 2012 TU 564 FAKO

Current Score:Jun 2014 EQ 567 FICO, EX 555 (dealer pull) FICO, TU 624 FAKO

First Goal: 650's across the board

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Regular Contributor
ilzhoefer
Posts: 194
Registered: ‎01-28-2013
0

Re: Anyone get a Loan after a Short Sale

Mine was due to jobloss and divorce and I was always under the assumption I would have to wait 2 years to be considered for a loan after it closed.

New Visitor
2511rb
Posts: 2
Registered: ‎11-09-2013
0

Re: Anyone get a Loan after a Short Sale

I also attempted a loan modification , which requires u to be 2 or 3 month late to seriously be considered for the Mod. The loan was brought current in April  of this year , and i am told that u have to wait 1 year past your last deliquency before you can refi , so waiting for April 2014


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