Financing in Bryn Mawr>Question Details

Casey, Other/Just Looking in Philadelphia, PA

History of short sale, credit score now 690. Perfect credit otherwise. Currently paying $2500/mo to rent.

Asked by Casey, Philadelphia, PA Sun Aug 9, 2009

Anyone know of any lenders that would give a mortgage.

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Answers

6
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.
0 votes Thank Flag Link Sun Sep 1, 2013
Casey,
You should be okay. If I were you I would contact the bank I have personal business with and if that doesn't work contact a lender that's knowledgeable enough to handle your stuation. I'm sure the bug question is how long ago was the short sale as well as what is you monthly debt to income. These are the questions that will make the difference and you will have to right letters of explanation as to why the property became a short sale situation..
Thanks,

If you need listings of homes please call or email me..
0 votes Thank Flag Link Sun Nov 22, 2009
When was the short sale? How long ago? If over 3 years ago and your affordability ratio and down payment money is okay and your credit is 690 you should be fine.
0 votes Thank Flag Link Wed Nov 4, 2009
I love Chad E. Bahnsen - Office: 610 622-2212

Excellent mortgage consultant who will work quickly to pre-approve you. If he can not get you pre-approved now, he will give a plan to get you there. I have a client he's been working with for about 1 year to help him get to the point he can be pre-approved.

Kelly Gidzinski
Keystone Property Connections, LLC
0 votes Thank Flag Link Fri Oct 30, 2009
Depends on the reason for the short sale. If financial mismanagement then 4 years need to have elapsed since the short sale. If it is due to extenuating circumstances then 2 years. You need to have re-established credit and had no late payments or derogatory credit in the last 24 months.
0 votes Thank Flag Link Mon Aug 10, 2009
If you email me directly, I can email you a few lenders that I deal with directly.
0 votes Thank Flag Link Sun Aug 9, 2009
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