Ever wonder how to and how long before you can get a mortgage after a Short Sale or Foreclosure on your credit report?
Currently the easiest mortgage to attain is a FHA loan:
1) 10% down payment, based on the purchase price of the home (e.g., $15,000 on a $150,000 home), or a gift from a family member of that same amount;
2) As a buyer you will need an additional 3 percent to 6 percent of the purchase price, on top of the down payment, for closing costs, or you could ask the seller to help you with contributing towards the closing cost; and last
3) 640 FICO credit score
Tags: foreclosure, Short Sale