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Under 580 with a short sale

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Under 580 with a short sale

Mu husband and I had a short sale on our home recently.  We are still under 580 but working on bringing it up.

Is there any chance to get another mortgage in the near term?  We also can use a VA to help.

 

Thanks for any responses,

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Senior Contributor

Re: Under 580 with a short sale

Unfortunately, you are probably looking at a 2 year minimum or so before someone will consider you for another mortgage.  And even then, make sure that all your bills (non credit included) are paid on time every month.  They may want to see utility bills, etc even in the future or to use them as non standard trade lines to prove history.  Even 1 late after a BK, foreclosure, or any other major credit problem gives the lenders alot of pause.
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