When can I apply for a new home loan after completing a short sale on my property?

1. 
   Talk Turkey permalink

   A foreclosure, short sale or deed-in-lieu can drop a score
   by 85 to 160 points.
   Also, you may have been late with other items on your report further damaging your credit
   It can take at least 2 to 3 years, before you could consider buying a home again.
   And, you will need a larger down payment.
   Looks like the foreclosure has not quite hit your credit score yet.
   Rent for a while after you let that family help you financially get on your feet.
   You might have to pay extra months rent upfront to get an apartment.
2. 
   wizjp permalink

   Simple fact you’ve been unemployed means you’ll be looking at 2 years to build steady employment history in any case at a minimum
3. 
   Venita Peyton permalink

   Fortunately things are working out for you. Unfortunately, a short sale means the lender was willing to take less for the remaining balance in order to let you out of your mortgage, so it’ll be a while before another lender wants to assume the risk until your situation drastically improves.

   Two or more years? Possibly. In the meantime, make a regular monthly payment (checks) to your host family until you move out, because your next lender will want to see how you handled the gap.

   If cash, receipts are very helpful, however, they tend to get lost. Checks are easier to trace. This also helps rebuilt your credibility by proving that you are willing, and capable, to re-invent your purchasing ability. Even if its only $200 a month, believe you me – its helps.
4. 
   Landlord permalink

   Your credit scores are already lower then that with the missed payments.

   They shoudl drop another 200 points.

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