I had a short sale, my credit score is 700 now, can I qualify for a new mortgage?
A: Unfortunately, although credit scores drive so much these days, when it comes to a short sale or foreclosure, your credit score does not trump time. If you have had a short sale or foreclosure, the MINIMUM wait time is 3 years from the date of the sale or date of foreclosure, (for an FHA loan) regardless of your current credit score.
Be careful if your next step is to do a lease purchase option. Make sure to work with your realtor to ensure the terms of the “purchase” portion to ensure it allows you enough time to qualify. You don’t want to loose any initial investment into the lease purchase option because you cannot meet the purchase terms.
In the interim, continue to USE and payoff your credit cards each month. It will help maintain your credit rating and ensure you make your monthly rent payments on time.
Feel free to contact me if you have questions.
Having a dream is good, owning one is better!
Leslie Pelletiere, Owner
First Class Financial Services, proudly mortgage lending since 1999!
602.294.9288 (P)
602.294.9830 (F)
MB#0902810/ NMLS#162494
Oh by the way, I am never too busy for your mortgage referral!
First Class Financial 