10 years ago I did a short sale. My now husband also had 2 short sales over 12 years ago. So as a now married couple, we have 3 short sales from over a decade ago. Does anyone have any experience similar to this and can provide any advice? Does anyone know if this will disqualify us from a future NACA purchase? Our short sales we not NACA purchases.
Literally the only thing that disqualifies anyone from naca regardless of current income or past issues is having gone through the naca twice already. That is purchasing 2 homes. You cannot purchase a 3rd home.
Now there are stipulations. But they will not disqualify you. Having foreclosures and repossessions (as I did) only means you need to show proof you are no longer liable and the bank took possession and you are ready to go. Also being 10 years ago they may fall off your credit report which means it’s a non-issue.
Having a million dollars in the bank and being a CEO of a multi national company does not disqualify you. It just means you have to purchase in certain areas.
Having current collections/chargeoffs/late payments does not disqualify you. You will just have to get them taken care of and possibly wait until you reach 12 to 24 months of on time payments.
Naca does qualify you on your credit. They qualify you on character. So if you can demonstrate you are currently responsible then you will get qualified in a matter of time.