Main Content

Do’s and Don’ts for prospective mortgage applicant after short sale, foreclosure

So, the dust has settled on that foreclosure or short sale and you are ready to become a homeowner again and purchase a home in the Scottsdale area.  Here are some major do’s and don’ts for the prospective borrower to consider:

Applying for a mortgage after a short sale or foreclosure

Applying for a mortgage after a short sale or foreclosure


  • Do realize that mortgage guidelines have loosened nationally based on low interest rates and the recent rise in home sales.
  • Do contact your Realtor with your intent to purchase prior to initiating any loan paperwork.
  • Do the necessary research in the selection of a loan officer and contact them early in the home search process (The Matheson Team is a great source for lender recommendations in the Scottsdale area.)
  • Do understand the published waiting periods to purchase after a foreclosure or short sale vary from lender to lender.
  • Do stay current on all existing accounts since late payments are reported to a credit reporting agency.
  • Do continue to use your credit as you normally would.


  • Don’t assume the information used with the purchase of your last home still applies.
  • Don’t paint the process dismal and tedious as lenders have begun to work with buyers in a more lenient and flexible manner.
  • Don’t consolidate multiple credit cards to one credit card or close credit card accounts without the approval of your loan officer.
  • Don’t make any changes in your financial snap shot by transferring monies or by closing and opening accounts without consulting your loan officer.
  • Don’t make changes with your employment or income since stability is a big factor in the underwriting process.

Your loan officer will provide you with a comprehensive “do and don’t” list to successfully complete the purchase of your new home.
However, there is one last important thing to do:  Do make The Matheson Team and AZGolfHomes your resource for real estate information for the Scottsdale area. 
Reach out to us for more information.
Don Matheson
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255
[email protected]
[gravityform id=”1″ name=”Contact Form” title=”false” description=”false”]

HP Get In Touch

Contact Us

    I am looking to

    Skip to content