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Should I buy a home?

I'm wondering if i should buy a home? I owned a home that was sold in a Short Sale over 1 yr ago. The debt was settled for less the amount and the rest was wrote off. Since the Short Sale I have received a promotion and my income has increased. I currently pay 740 a month in rent. The only lender I have been able to qualify with is a local credit union. They have approved me for a 5/1 ARM. The majority of lenders and programs have a 3 year wait after Short Sale. I am looking in the 120k range which the lender said would put my debt to income at 35%. My FICO score is 680 and the only negative mark is the short sale. Should I proceed with the 5/1 ARM and hope to refinance to a fixed in a few years? I was considering going after a short sale to get immediate equity. I really hate paying this much in rent. Please Help! by lscatworman555 from Grand Haven, Michigan. May 6th 2011 Reply


Joshua Crater (Rate1st.com)
#201 ranked lender in California - 47 contributions

We may be able to help you get this figured out but we need to ask a few more specific questions about your short sale.. call 1-877-728-3178 ask for Brock and we will do what we can. Have a great day!

May 6th 2011
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Chris Gummerson (cgummerson11)
#394 ranked lender in California - 648 contributions

You will have trouble with regular financing having a short sale on your credit. Lender will want to wait for 3 years to write a new loan for you. If you can close on the credit union deal, take it.

May 6th 2011
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Eddie Sexton (esexton)
#7 ranked lender in Kentucky - 54 contributions

Your credit union is most likely the only lender that can give you a loan inside 4 years from your short sale. Good luck with everything.

May 6th 2011
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Take the 5/1 ARM & refi once you're 4 yrs. out from the short sale.

May 7th 2011
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