Selling your Minnesota home on a short sale is not a death sentence when it comes to trying to buy a home again. In fact it is easier to buy a home after having a short sale than it is a full foreclosure.
Here are a couple key things you should know when it comes to buying a new home after a short sale:
After selling your Minnesota home on a short sale, you can apply for a Fannie Mae backed mortgage loan after only 2 years. If you have worked on raising your credit score in those 2 years, you should be eligible to qualify for a new mortgage. If you have a short sale on a Minnesota investment property, you can also apply for a new mortgage after 2 years.
It is critical to work on your credit score immediately after selling your Minnesota home on a short sale. This is especially true if you had any late mortgage payments during your short sale. One simple way to raise your credit score is to charge a small amount on a credit card and pay it off in full every month. This shows that you can handle and manage credit. For more information on how you can help your credit score after you close on your Minnesota short sale, see our post After the Minnesota Short Sale Closes.
Are you ready to purchase a home after your Minnesota short sale? We can show you your options and put you in touch with a good Loan Officer that can help you get qualified for a mortgage. Please contact us today to find out more information on how we can help you!
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