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Real Estate
Reply to "Buying again after short sale"
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[quote=Anonymous]Whether or not a bank will give you a loan depends on how long it has been since you had the short sale. I've heard 2 years and I've heard 3 years. You are a more than a year past the short sale, so I guess when you have 20%-30% saved you can check. I'd also assume the more you can put down, the better your chances are. You will probably pay a higher interest rate, but with the high salary, that should help. I believe lenders want to see 2 years worth of employment. I'd suggest saving until you are at least 2 years past the short sale, have at least 2 years in your current jobs, and have 30% to put down. Sorry if it isn't what you want to hear, but just because you make enough money to cover a mortgage doesn't mean a lender will trust you will repay the loan. Unfortunately, you have a history of not repaying a loan.[/quote]
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