The more I speak, the more I get asked about the correlation between short sales and credit score. What needs to be analyzed is not what the impact is to their credit score BUT what the impact is to their ability to purchase in the future.
Honestly, it does not matter what the credit score is after a short sale if they are unable to qualify for a home loan.
The Fannie Mae guidelines are TWO years and FHA guidelines are THREE years for qualifying to purchase.
Stay in touch with your mortgage professional, ask them to keep you up to date on the many changes and how it impacts your business.
Saturday, February 28, 2009
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