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If we do a short sale in Florida can we still qualify to purchase a house in South Dakota? We are relocating from Fl to SD soon, but with the economy the way it is in FL there is no way we can afford our mortgage payments here and we grew up in SD and we know we can afford payments there.
It will depend a lot on how sold your credit history is up to that point. Your credit will take a hit from the sale. It may also depend on how the sale is handled. If your credit score is high enough to handle the black mark and still be in the 700 range, I would say that as long as you can come up with 10% to20% down you should be able to. In my opinion is to not be in a rush to buy if you can rent for a year and let things settle down in the home finance sector. South Dakota is fairly stable but not immune. If you cant find commercial financing you may look at private financing. It will all come down to how you come out on your sale. What part of the state are you thinking of moving?
Last edited by my02ctd; 12-08-2008 at 10:00 PM..
Reason: spelling
We are moving to the Sioux Falls area. Our credit isn't that great right now...ran into alot of hardship problems which brought our credit score down alot...will probably end up renting an apartment. Thanks!
Welcome to our state. You will find some nice houses to rent in that area or surrounding area. If you took a hit and your score dropped below 670 you may have a little problem finding nice terms but should be able to find affordable financing. Good luck to you and MERRY CHRISTMAS.
Oligirl, welcome back to South Dakota! Our economy is doing a bit of slipping, too but you'll find it to be much better then in most of the country. Let's just hope it continues.
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