For all you new texans...did anyone come from a state where you had to do a short sale and then buy a new home in texas? (short sales)

[andiamodfw]

I am wondering if anyone who has come from another state, have gone through a short sale of their home there, and then bought a new home here in texas?

If so, did you have a problem with buying your new home there in texas? I mean with your credit history now?

I know many Californians and new yorkers have had to do short sales and are now relocating to texas. With so many people forced to do short sales because of the market, is it hard to buy a new home now?

We are one of these short salers who are moving to texas. We are going to rent for awhile but would like to buy a home within the year. Will we be able to?

Do you know anyone who has done a short sale and then bought a new home quickly?

[Kellypink]

Buying a home is SO easy in Texas. I didn't have a home where we came from in California (we are a young family starting out), but we decided to come here (for cheap property) I had the credit, no job, my husband had no job lined up and no credit. So pretty much, we bought a home with credit score only.

We could not have done that to begin in Cali, but please do your research and see if you really want to live in Texas. My husband and I aren't too fond of it and are planning a move back to cali within the year. (only been here 11 months)...

[nsumner]

Originally Posted by andiamodfw

I am wondering if anyone who has come from another state, have gone through a short sale of their home there, and then bought a new home here in texas?

If so, did you have a problem with buying your new home there in texas? I mean with your credit history now?

I know many Californians and new yorkers have had to do short sales and are now relocating to texas. With so many people forced to do short sales because of the market, is it hard to buy a new home now?

We are one of these short salers who are moving to texas. We are going to rent for awhile but would like to buy a home within the year. Will we be able to?

Do you know anyone who has done a short sale and then bought a new home quickly?

Many people are able to buy a house within a few days after they do a short sale. In detertmining a person's creditworthiness, a lot more than the credit score has to be taken into consideration and it varies from person to person.

My advice to you is to speak to a mortgage broker that will pull your credit history, make a full loan application, and they will look at your DTI (Debt to Income Ratio), last 12 months of rental history or mortgage payment history, employment steadiness and more. You may qualify for a loan now and if not, they can tell you which items need to be addressed and how so you can get a decent rate whenever you are ready.

Every person's situation is different.

FHA usually doesn't look at the credit score to approve you for a loan. They look at employment history mainly, car payments. They are also more strict on the house, they want it to be in tip top condition so in case you default, they won't have a problem selling it.

Naima

[andiamodfw]

thanks naima!