Buying again after short sale
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Anonymous
| My husband and I completed a short sale in May 2011. We had a house in another state that had been on the market for 3 years with no offers. Other than a 30 day late the month of the closing, we were current on payments. How soon can we purchase again? Our income is about $600K per year now (it was NOT anywhere near that at the time of short sale). |
Anonymous
| What are your credit scores? |
Anonymous
| Three years. We also sold our house as a short sale. Excellent credit scores before then. We are renting now. We expect our credit scores to be respectable after 3 years. |
Anonymous
Mine is 737 and husband's is 683. |
Anonymous
For
What line of work are you in because banks do give special mortgage loans for doctors, business owners , lawyers etc... |
Anonymous
| I'm a lawyer and husband is physician. |
Anonymous
And your credit scores are THAT low? damn! My husband and I are teachers and ours at maybe a point or two away from the max. |
Anonymous
Unless you can afford the place on your own income, you won't be able to. No bank will touch your dh with that credit. |
Anonymous
PP, not the OP, but have you and your husband had a short sale? Some of us actually got hit by the recession. Enjoy your teaching jobs as long as you have them. Still more layoffs expected in that sector. |
Anonymous
My dh had credit barely above 630. We were able to get a 300 k mortgage and paid the other half in cash. So if you can put doen a huge hunk of cash, you can buy. |
Anonymous
| Some banks have phsician mortgages other than that you kiht be able to qualify for fha |
Anonymous
| What is the income breakdown you could try to qualify on your own because your score is pretty good in the 730s |
Anonymous
| Unfortunately my husband is the high earner - he makes around $500K and I make about $100K. |
Anonymous
Are you looking to buy because it's just such a good time, or can you get a cheapo rental and stock away cash until you have a fat down payment? At those incomes you should be able to get to 20% pretty fast. |
Anonymous
| We can easily save 20% or 30% for down payment, but my question is whether a bank will loan us the other 70-80%. |