You’ve gone through a short sale, bankruptcy or both in the past few years (no shame – lots of people have! Myself included) and now you want to take advantage of the awesome real estate prices and ridiculously low interest rates. Maybe you’re embarrassed to talk to a loan specialist or afraid to know just how “bad” your credit is. Maybe you think no one could possibly lend you money after going through that.
The first step is to talk to someone who knows the ins and outs of mortgages. They can sit down and look over your credit report with you, pointing out areas where you can improve, the good things and yes, the bad. Make a plan and stick to it.
If you have spent the time after a short sale or bankruptcy building your credit back up a purchase may be in your cards sooner rather than later. If you short sold your home and that was the only real blemish on your credit it could be a relatively short wait.
Here is a basic guideline of waiting periods:
I have the privilege of working with several lenders that excel at assisting people move past bruised credit. If you would like to speak to any of them please let us know – we love to help!
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