What is the waiting period for getting a mortgage after you have done a short sale?
Terry Says: Frankly, that all depends on the lender. That short sale will stay on your credit report for at least five years. But if you now have a good income, and currently pay your bills on time, then you might get a mortgage a lot sooner. However, you will pay a price for your past situation by being asked to pay a higher interest rate on the loan — and that can add up over time!
Check in at www.GuaranteedRate.com and ask them if you would be approved, for how much, and at what rate. That’s the best way to find out about getting a new mortgage. (But be sure to pay down most credit card debt before asking!)