If you foresee a short sale,i am sure that you will either an idea of getting into a rented house or get a new home.The latter option is often thought by many people who are in the verge of losing their home but the sad fact is that many cannot get a home loan after the short sale.Here are more details on qualifying for a home mortgage after a short sale happens:
Is it impossible to get a home loan after the short sale or a foreclosure?
Either going through the foreclosure proceedings or a short sale will damage the credit score and this is going to reduce the points by a huge percentage.Remember that the credit score plays the major factor in getting the home loans.So that means you are not going to get approved after a short sale or a foreclosure.Also keep in mind that a short sale is much better than the foreclosure – i will discuss about this topic in another article in this website.The only way to get a home loan after the short sale is to wait for at least 24 or 36 months – do the credit repair yourself or give it to a professional and then apply for the home loan.There is no point in applying immediately after the home is lost through the short sale.
how soon after a short sale can i get a home mortgage loan?
Whether you get approved for the mortgage loan or not depends on totally on the credit rating – if you do not anything to improve the credit,there is no way that the lender would feel confident about your repaying abilities.So make sure that you take action on the credit rating and repair as soon as possible – this is the pivotal step in the strategy to get a home mortgage loan after the short sale of a home.
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