Financing in 06903>Question Details

AlexMGS, Home Buyer in Stamford, CT

Can I get a jumbo mortgage 1 year after short sale. Zero debt, self employed earning $894K in 2011 (can verify). Middle credit score 690.

Asked by AlexMGS, Stamford, CT Sun May 6, 2012

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Yes you do qualify now for a new program for FHA by HUD for people with a short sale you just need 12 months from the date of the short sale or foreclosure.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
4 votes Thank Flag Link Sun Sep 1, 2013
No lender can get you a conventional jumbo 12 months after a short sale, best bet is FHA with the bank to work HUD program. With a 690 credit score you shouldn't have a problem get approved for the FHA limit and just increase your down payment if you need to.
2 votes Thank Flag Link Thu Oct 24, 2013
We can.. We've got a "2nd Chance" loan that has no waiting period after Short-Sale or Foreclosure
Flag Fri Apr 18, 2014
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile he has 100s of spam comments left on blogs. This company uses companies overseas to create fake profiles to leave comments all over the internet to promote their company. There a mortgage lead company that wants to sale your information to mortgage lenders and brokers.
1 vote Thank Flag Link Thu Oct 31, 2013
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile he has 100s of spam comments left on blogs. This company uses companies overseas to create fake profiles to leave comments all over the internet to promote their company. There a mortgage lead company that wants to sale your information to mortgage lenders and brokers.
1 vote Thank Flag Link Thu Oct 31, 2013
I would need a little bit more information. What is the Loan amount and LTV?

Thank you,

Fritz Walter
VP of Retail Sales
Toll free: 800-359-1996 x551
Direct: 203-783-4551
Email: fwalter@totalmortgage.com
Alt email: fritz@post.Harvard.edu
NMLS ID: 387922
1 vote Thank Flag Link Tue Sep 3, 2013
Yes, you should qualify for a loan after a short sale even if you were late and you are full documentation. It is a loan we'd like to see come through but CT is not a state we do business in.
1 vote Thank Flag Link Mon Sep 2, 2013
I just found a site that tells you if you can qualify for a mortgage after a short sale or foreclosure. try http http://:www.whywaitbuytoday.com
1 vote Thank Flag Link Sat Aug 10, 2013
Great question and it should be answered by a lic mortgage broker as they can give you the best answer to this question.
0 votes Thank Flag Link Wed Jul 30, 2014
I am able to do Jumbo loan with only 1 day out of Short Sale or Foreclosure. You will need to have 20% down and will also accept credit scores as low as 500. If you are someone you know would be interested, please contact me.

Tanya Aldridge
PRMG
NMLS 881332
239-672-6244
Tanya@bestmortgageloan.net
0 votes Thank Flag Link Tue May 13, 2014
Yes, We have a "2nd Chance" Jumbo loan that doesn't require any waiting period after a Short-Sale or Foreclosure. You can only have one on your record however. You would just need 20% down and a 660 mid FICO (620 w/ an exception).

See my website below for more details -
0 votes Thank Flag Link Fri Apr 18, 2014
Available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA
Flag Fri Apr 18, 2014
The program I referenced in my comment below is a Jumbo loan... We have loan amounts to $4 Million.
Web Reference: http://www.craigbosse.com
0 votes Thank Flag Link Fri Jan 31, 2014
Ok, the FHA program will not work for Jumbo, and also, in order to qualify for the FHA program you must demonstrate that it was an "economic event" out of your control that caused at least 20% reduction in income precipitating the short sale, bankruptcy, etc. Essentially you must have been laid off, although there are some other possibilites for qualifying events. I may have programs for you, but I would have to go over all of the detasisl with you to see if you qualify...I'm available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:
0 votes Thank Flag Link Fri Jan 31, 2014
Yes, we have a program that would allow you to buy again right away with no waiting period. It's an exclusive portfolio program here. All you would need is 20% down and a 660 mid FICO. It's available in AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, & WA. Loan amounts up to $4 million.

Good Luck!

Craig Bosse
Web Reference: http://www.craigbosse.com
0 votes Thank Flag Link Thu Jan 30, 2014
For a conforming (freddie mac or fannie mae) loan, they require at least 2 years after a short sale, but with FHA you can do the new Back to Work program and purchase without the normal waiting periods for a short sale, foreclosure, or BK, as long as you can document a 20% decrease in income before the economic event, have 12 months of perfect credit history, and you have to take a HUD counseling class at least 30 days prior to starting your loan application (that is the kicker). So if this is your situation, you should get the counseling done ASAP. Contact me and I can get you the counseling information- it only takes a couple hours to complete over the phone.
brian@thebesthomeloans.com
0 votes Thank Flag Link Wed Nov 20, 2013
Have you been able to find the mortgage you were looking for?

Greg Bleyl
216-496-0211
greg.bleyl@charteronebank.com
NMLS 117969
0 votes Thank Flag Link Tue Aug 20, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
0 votes Thank Flag Link Sat May 11, 2013
This is a fairly old question but since it popped back up I figured I'd answer.

By definition, all Jumbo loans are nonconforming so the answer is that there is no rule on short sales or anything else on a jumbo loan. All jumbo loans are portfolio since neither Fannie nor Freddie will buy them. Therefore, a lender can do whatever they want to do since they are the ones who will be stuck with it. Personally, I have no idea how any legitimate professional could answer this question without even knowing what the loan amount or LTV is.
0 votes Thank Flag Link Tue Jul 17, 2012
I believe you would have to wait 2 years after a short sale to purchase; however, if the mortgage brokers/lenders below can make it happen then that would certainly help deplete any excess inventory presently on the market.

I would recommend that you field out 3 mortgage experts and ask their opinion.

If all 3 say it is possible then I will trust the experts!
0 votes Thank Flag Link Tue Jul 17, 2012
yes, you can at that credit score as long as there are no BK's

Joseph S. Tarzia
Mortgage Loan Officer
2 Gannett Drive
West Harrison, NY 10604
914.251.2499 Office
203.536.9169 Cell
866.665.9980 efax

NMLS 891861
0 votes Thank Flag Link Mon Jul 2, 2012
Absolutely. We can obtain a jumbo loan up to 80% of the homes value after the appraisal comes back. I work with a specific lender who specializes in jumbo loans so please contact me at your earliest convenience so we can further discuss your scenario in greater depth.


Paul Marzolla
Day: (201) 820-4420
Evening: (201) 203-2266
pmarzolla@unvmortgage.com
0 votes Thank Flag Link Mon May 7, 2012
finding a home that offers Seller Financing may be the best route to go, or atleast ask the seller, it is becoming more and more of a viable option these days with bank guidelines so tight. No bank needed and you can buy asap. When your short sale has seasoned and credit has recouped in a few years you can then refinance it through a conventional bank. Be sure to use a 3rd party payment servicing company to track all of the payements etc....call me if you need help with that.

bdunger@meracord.com
253-620-7083
0 votes Thank Flag Link Mon May 7, 2012
I've been able to get a client into an RD loan (not available in all towns, but good portion of CT) 7 months after a short sale, with plenty of missed payments.
That loan has income limits though. I would venture to say no you will not get a jumbo loan.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Mon May 7, 2012
Check with a mortgage lender in your area.

I know you didn't ask, and I know there are circumstances not presented in your question. However, you presumably were able to complete a short sale because you demonstrated financial hardship. Yet you're also saying (and will be presenting to potential lenders) that in the year you argued for financial hardship that you earned $894,000. Further, since you have no debt now, either you had no debt a year ago or (more likely) were able to pay off any outstanding debt. A lender may look at those elements and wonder just how severe the hardship really was, or whether the facts were fully presented to your lender at the time. I'm not making any judgments . . . just observing that these are questions that you may be asked.
0 votes Thank Flag Link Sun May 6, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
You need 2 years behing you to get a mortgage after a short sale. Feel free to call me with more questions.

Chris Carozza
Chris@carozzarealtygroup.com
203 912 6819
0 votes Thank Flag Link Sun May 6, 2012
I have a MSG into a mortgage broker for you. I would say most likely no.

Chris Carozza
Chris@carozzarealtygroup.com
203 912 6819
0 votes Thank Flag Link Sun May 6, 2012
Most banks say that you need to wait 3 years after the start market of your short sale unless you were current on your mortgage payments at the time of the short sale.
0 votes Thank Flag Link Sun May 6, 2012
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