Mortgage After Short Sale

A year ago, I short sold my family’s home.  I had lost my job, fell behind on payments, and owed mored than the house was worth.  Unfortunatelly, 4 years prior, we had lost a second income and declared Chpt 7. 

We currently rent a home.  It is a nice home, but we cant own pets, paint, or do any of the things we took for granted when we owned a home.  I regret not doing everything I possibly could have done to keep my familys home. 

My question is, how do I get another mortgage?  If it is going to be years and years before I can get one, what other suggestions would you have?  Are there other alternatives, such as land contract, least to own, anything?? 

Thank you for your time.

Todd

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Hello Todd,

You had a foreclosure four years ago and a short sale last year.  You can qualify for a FNMA loan five years after a foreclosure and two years after a short sale. 

Have you been working on your credit score? 

If so, then you’ll be in position to obtain a FNMA loan next year.

Thanks for the questions and hope this helps.

Paul