While I can sympathize with your short sale dilemma, unfortunately, lenders are not so kind. As Bill noted below, if your short sale was completed one year ago, there will likely be delinquent payments and circumstances that would not qualify you now for a new loan.
Granite Financial, here in San Jose, is a hard money lender, and they "might" be able to provide you with funds for a new home, but I will caution you that "hard money" or, more correctly, "private" money lenders are not cheap and both interest rates (hovering around 9-11 percent) and closing costs (as much as 50 percent higher than under a conventional loan) will be costly. Remember, too, that "hard money" does NOT in any way mean "easy money." A good private investor or company that manages and pools funds of private investors will scrutinize your financials, taxes and income sources as much as, if not more than, any bank would, so if you're not credit worthy by bank standards, you may also be similarly regarded by a private investor.
As the others mentioned, it would be far better for you to wait the two or more years it will take to repair your credit and to accumulate the funds needed to satisfactorily complete a sale using conventional loan sources if you qualify. If you've found a great home and cannot wait until the later time period, then contact Granite as starting place to find a private investor.
Grace Morioka, SRES
Area Pro Realty
This is a Special Home Loan Program that WE FUND, where we can provide a mortgage loan for a borrower 1 day after a Shortsale or a Foreclosure, and only 6 months after a Bankruptcy.
This is NOT "Hard Money" financing.
This program is built for homebuyers or homeowners to obtain mortgage financing that might not qualify for Conventional or Government (FHA/VA) financing due to a recent derogatory incident on their credit.
We are eager to explain in more detail about the program.
Call me to learn more, 619-269-9871 ext 1
You can also get information on our website at http://www.brackenteam.com
Here is a link to a brief video:
Mortgage Advisor and Regional Manager, NMLS#247272
619-269-9871 ext 1
Peoples Mortgage - San Diego Branch
2550 Fifth Ave, #167
San Diego, CA 92103
Fresh Start Frequently Asked Questions
We lost our home in foreclosure and are currently renting. With housing prices so low, is there any way we can buy a home while rates are at these historically low levels?
Everyone tells you NO, but with Peoples Mortgage Company’s Fresh Start Loan Program, even someone with a foreclosure, short sale or recent bankruptcy can qualify for a mortgage.
I have heard of this program, but don’t you charge a ridiculously high interest rate?
No. This is not a “hard money” loan program. Unlike “hard money” loans, the Fresh Start program offers a competitive interest rate and has all the features of a traditional mortgage.
This sounds too good to be true! What’s the catch?
There is no catch! The Fresh Start loan allows you to get out of that rental and own your own home again. You can rebuild your credit and stop throwing away money on rent payments. Start building equity in your new home! The Fresh Start loan is a 5/1 or 7/1 ARM designed for:
Borrowers who lost a home in the recent downturn but who are otherwise responsible borrowers.
The purchase or refinance of a primary residence.
Full income documentation and 25% down payment is required! *30% required if prior BK.
20% Downpayment is available - WITH an EXCEPTION
How do I apply for the Fresh Start Loan?
Contact BRENDAN BRACKEN, Regional Manager, at 619-269-9871 ext 1
I hope this gives you some clarity on the subject, and I would be happy to answer any additional questions you may have.
Turnkey Mortgage Solutions
Faith Home Loans
Latest Post: Naples Luxury Home on Fire
Just to add a couple of details to other info provided. You must have never had a late payment as stated, but also the Mortgage must have been current at the time of sale. Possible now but probably not a year ago. One other clarification. Divorce is not a mitigating factor. If you want to explain what happed in your case we can advise whether you could buy again in the near term.