please see my blog with tips on getting a mortgage
I have an amazing Mortgage Broker, who is a direct lender, and he can tell you what your options are:
Choice Mortgage: (561) 395-6900 Ask for Emmanual
He is very honest, and will provide you with the best option for you, Clay!
Unless you go with hard money you will need to wait at least two years. Keep doing everything you can to rebuild and increase your FICO. I understand it is fairly easy to rebuild after a short sale and even after a foreclosure. The hits already been taken and it should have no where to go but up if you do things right.
Your credit rating doesn't need to be high because they loan against the value of the property.
You have to deal with the 2 year wait. I have not yet seen anyone purchase after the two year yet. Private finance is the alternative. I really hope that a program can be developed to help those who had no other option. There are so many homeowners who had to short sale that would be willing to purchase again. I can only imagine there will be a new flow of buyers purchasing after their two wait period.
I just heard back from the broker and unfortunately not with good news. It will take at least 2 years before you will be able to get fianancing the conventional way again. There were other good responses from other agents listed and they are probably your best option at this time. The suggestion about
finding a property that does not have a mortgage and dealing directing with the owner is an option. You may have to pay a little more or a higher percentage rate, but if he holds the mortgage it might very well be worth it. I will check my resources also to see if any of my owners are interested in selling their property and holding paper for you. Meanwhile lots of luck and Happy New Year.
Givoni Realty Corp.
I really don't know but I am asking someone who will know. I have sent an email to a mortgage broker that I have had dealings with and have found him to be reliable and hardworking and has been able to overcome the most difficult opsticles and get them to the closing table. I will forward you his answer to your question.
Givoni Realty Corp.
Because we have not yet hit bottom there may be no rush to buy right now. With a Short Sale you may be able to get a conventional mortgage in a year and a half. It will give you more options since you will not be limited to "loan shark" hard money rates or owner financing.
Better to wait...
All my best,
There is also the option (that people have already noted) of asking your seller for financing options. Since you have a decent down payment, he/she may be inclined to lend you money and collect interest.
Your last resort would be to attempt credit repair with a reputable agency. That may correct your problem sooner rather than later.
Lots of luck!
Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant
email@example.com Email| http://www.brownmckinney.com/tim Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-519-5490 Fax
Given the volatility of the stock market and the minimal returns on most
other forms of investments, the seller may be interested in providing a
purchase money mortgage, perhaps an interest only loan or minimum
payment of principal until your credit can be restored. A lease with an
option to purchase is another alternative, as well as a hard equity lender.
We are real estate brokers and have previously been mortgage lenders
and brokers. Locatged in Boca Raton, we would be glad to assist you.
Yes and No..... It depends in part, how your short was handled your lender. Recourse or Non. One of the best people to talk to is Evelina Tsigelnitskaya and her late partner Lev Breskin aka Mikhel Baldwin aka Michael Baldwin of SIB Realty a