Posts Tagged ‘FHA’

Short sale vs foreclosure

In Uncategorized on April 23, 2010 at 3:10 pm

Think a short sale is better than a foreclosure on your credit report? It’s like the difference between being hit by a train or a bus, according to mortgage broker, Catherine Coy. Either will lead to a drop of 200 to 300 points on your credit report. The one advantage of short sale over foreclosure is the shorter waiting period before buying another home. Short sale will allow you to get FHA financing withing two years. You will end up waiting from two-to-five years following a foreclosure.