Hi,
I'm wondering if I would qualify for a home loan after a short sale. A little back story and facts to make the situation clear:
- Short sale in may 2011
- had some late payments leading up to this sale to ensure it would go through
- my credit score plummeted because of the late payments and short sale
- Currently:
- income $85,000 (from a regular job)
- Debts = $500 month (car payment). No other cc, student loans etc. debt
- Credit score now = mid 600's depending on where I look (my wife score is 805 but she has very little income)
- No late payments since short sale in May 2011
- Current D/I ratio (including a potential PITI payment) is less than 28%
- down payment - would like to be 5% area
- savings = somewhere around $15,000
- Looking at a single family home in SE Michigan, up to $250,000 but likely no more than $200,000
Any advice you can provide on whether you think I'd qualify (based on expert knowledge and experience ideally) please let me know.
Thank you.
