Financing in Clay County>Question Details

A_garcia, Home Buyer in Kansas City, KS

Are there any lenders that will consider giving a loan to someone 2.5 years after a short sale?

Asked by A_garcia, Kansas City, KS Sat Nov 26, 2011

We short sold a home in August 2009. We were 2 months late on payments, not due to financial stress, but the bank wouldn't approve the sale until we showed late. Since the sale, we have paid off all credit card debt, paid off one car and gave saved some money for a down payment. We gave our credit scores back in the 700's, have been in the same work industry for 10 years and gave good incomes. We have found 3 houses in particular that we are really interested in, but want to know if there are any banks in the Kansas City area that will consider our situation?

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FHA financing requires 3 years from the short sale date when there were late payments, certain exceptions can be made but they would all be for extenuating circumstances. However with conforming financing then 2 years after a short sale you can obtain financing with a 20% down payment (regardless if mortgage payments were late or not), and at 4 years with 10% down. Just 10% down at the 2 year mark is possible if the short sale was due to extenuating circumstances.
1 vote Thank Flag Link Sat Nov 26, 2011
A, I have 2 lenders that will probably work with you.
0 votes Thank Flag Link Sat Nov 26, 2011
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