Buying short sale (short sales, mortgage, credit score)
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Is it necessary to have above a certain score in order to purchase a short sale? My RE agent said you need to have above 740 in order to be eligible to purchase a short sale home.
Is it necessary to have above a certain score in order to purchase a short sale? My RE agent said you need to have above 740 in order to be eligible to purchase a short sale home.
Erroneous information! You qualify based on a combination of financial data; credit score, income, debt to income ratio, etc. Makes no difference if you're buying a short sale or a "regular" house.
Erroneous information! You qualify based on a combination of financial data; credit score, income, debt to income ratio, etc. Makes no difference if you're buying a short sale or a "regular" house.
I understand about qualifying for a mortgage in general, but my re agent implied that the bank that must approve the short sale, not my lender, will only accept offers from people with credit scores of at least 740.
I understand about qualifying for a mortgage in general, but my re agent implied that the bank that must approve the short sale, not my lender, will only accept offers from people with credit scores of at least 740.
Personally, I have never run across a bank in a short sale that requires a 740 credit score. Did your agent tell you which bank it is? I'd be interested in finding out more.
Personally, I have never run across a bank in a short sale that requires a 740 credit score. Did your agent tell you which bank it is? I'd be interested in finding out more.
It wasn't a specific bank. It was just a general conversation. We are selling the house we own now and beginning to look for a new one. A short sale is really our only chance of getting something in the area we'd like to be in, but our agent is implying it's not an option for us because my credit score isn't 740. I've spoken with a lender and I know for sure what amount I will be approved for (this is our second round, the first try at selling our house fell through on the buyers end and I was already approved on a new house, so I know what loan I can get) so it seems odd that even with a lender approval a lower score would be an impediment to purchasing a short sale home. I'm beginning to think our agent just doesn't want to get involved in a short sale.
Why do you believe that buying a short sale will ruin the buyers' credit score?
Something about 7 years... Elke whats the deal with short sales then?
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