Financing in Arlington>Question Details

Thaicheeks, Renter in Grand Prairie, TX

I sold my home as a short sale and closed on the short sale in sept 2010. Can I get a conventional loan with 20% down?

Asked by Thaicheeks, Grand Prairie, TX Tue Jan 15, 2013

Is there anyway I can I get a conventional loan with 20% down payment for a primary residence? I found out that the waiting period for an FHA loan is 3 years after a short sale. But could I get a conventional loan after 2 years? Even though I did a short sale my credit is still decent, my credit score is in the mid to high 600 last time I checked. And my husband's credit score is in the mid 700s. What is the waiting period for a conventional loan? Is it longer than an FHA loan or shorter even though I have 20% down?

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Answers

12
Miekeba Jones’ answer
Hi Thaicheeks, You may be able to obtain a loan from the right credit union. I have a client that did a short sale and her current credit union says she is able to buy as long as she puts down 30%. So your really have to do some work and consult lenders.
0 votes Thank Flag Link Sun Feb 3, 2013
Wow, that is insainly high. However, if your options are limited they are limited.
Flag Thu Feb 14, 2013
MEETING YOUR NEEDS AND EXCEEDING YOUR DREAMS!

The answer to your question is, maybe! Depending on other options but from my past experience as long as your credit reads true you should have no problem going with a conventional loan 2 years after filling a short sale. Last year I closed 3 other clients that went through the same problem. If there is any way I can better assist you feel free to contact me directly. Thank you

Keller Williams Realty
Real Estate Consultant
3xUS Army Veteran
Joseph Fernandez
Cell: 817-975-7258
Off: 817-635-1157
Email: blissfulestates84@gmail.com
Blog: blissfulestates84.blogspot.com
Web: http://www.blissful-estates.com
1 vote Thank Flag Link Sun Feb 3, 2013
Agreed!
Flag Thu Feb 14, 2013
FNMA will normally allow you to do a Conventional loan with 20% down after 2 years. My advice is that you make application and get pre-approved prior to looking for a house.
If your husband was not on the previous loan and can qualify for the purchase just using his income, that might be another option for you.
0 votes Thank Flag Link Sun Aug 25, 2013
Homeowners who have had a bankruptcy, foreclosure or short sale years ago just got approved to buy a new home. Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
0 votes Thank Flag Link Sun Aug 25, 2013
Thaicheeks,

I would suggest that you talk to a mortgage banker/lender. If you don't have one, call or text me and I will provide you with lenders that I work with. They have helped my clients manyt times and I'm sure they can help you, too.

Take care,

Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Sat Jan 26, 2013
MEETING YOUR NEEDS AND EXCEEDING YOUR DREAMS!

The answer to your question is, maybe! Depending on other options but from my past experience as long as your credit reads true you should have no problem going with a conventional loan 2 years after filling a short sale. Last year I closed 3 other clients that went through the same problem. If there is any way I can better assist you feel free to contact me directly. Thank you

Keller Williams Realty
Real Estate Consultant
3xUS Army Veteran
Joseph Fernandez
Cell: 817-975-7258
Off: 817-635-1157
Email: blissfulestates84@gmail.com
Blog: blissfulestates84.blogspot.com
Web: http://www.blissful-estates.com
0 votes Thank Flag Link Mon Jan 21, 2013
Internet responses is not to your advantage. Best contact a mortgage broker direct who can review your entire files.

Contact my office today where I can show you many amazing homes work with your family specifications.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
News Personality On Air Radio Show
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Wed Jan 16, 2013
You are not by yourself. The last several years have taken its toll on homeowners selling their primary residences. The answer to your question depends on what type of baggage you had when the dust settled from your sale of your home. The Mortgage Debt Relief Act of 2007 may have given you some relief from having to pay taxes on any deficiency created with your mortgage lender at the time of settlement. However, by now, you should have received notice of deficiency judgements, if any created by the short sell transaction. The Mortgage Debt Relief Act of 2007 was set to expire December 31, 2012, but was extended for another year. Suggest you contact a very savy mortgage lender with cutting edge experience in this area and make application for a conventional loan. All your questions could be addressed and documented at your first meeting. Feel free to contact me for several references you may check with. Once approved, contact me and you and your family are in your new home in thirty days!
Best Wishes,
Lloyd Parnell
Broker Associate
Keller Williams Realty
Arlington, Tx.
817/300-0444
0 votes Thank Flag Link Wed Jan 16, 2013
Good Evening
Thank you for asking a question that we are asked a lot by our clients and congratulations on recovering so well after the difficult situation of short selling your house. Your question is best answered directly by a mortgage lender one on one with all the facts laid out there. Below you see 2 mortgage lenders and each has a different experience that they can share with you based on general information. The best advice that I can give you as a REALTOR is to call or go talk with several lenders and see what they offer in terms of financing, rates and services. Once you are satisfied that you will be able to obtain the financing you want you will want to involve a REALTOR to help you find the right home for you and guide you through the process. I wish you the best of luck and if you have any questions please feel free to contact me directly.

John Straub
Keller Williams Realty
817-729-4281
john@dfwfamilyrealty.com

http://www.dfwfamilyrealty.info
0 votes Thank Flag Link Tue Jan 15, 2013
Actually, I did such a loan last year. Their short sale had been more than 2 years ago, and they were putting 20% down. We did have to get corrections made to their credit report because their short sale had been erroneously reported as a foreclosure. It will still depend on credit scores, ratios, and income. Call me. I make loans all over Texas!
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
210-842-4185
100% Home Loans All Over Texas.
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Tue Jan 15, 2013
Call this mortgage broker....she's the best I know! Then call me if/when you can buy.
I specialize in helping buyers & Grand Prairie/Arlington is my back yard.
Call Karen Rymer @ The Mortgage Group 817-424-5995.
If you can't do it right now, you'll know what to do to get ready when the time comes.

Good luck!

Kelly Bowyer
Scott Davidson Realtors
cell 817-793-2761
kellybowyer@yahoo.com
0 votes Thank Flag Link Tue Jan 15, 2013
Conventional loans require a 7 year waiting period. Now with that said, if you did not go late on the home loan tied to the house you short sold, you could qualify right away for a FHA loan. If you short sold due to an illness or loss of job, or something of that nature then more often than not you can qualify after about 2 1/2 years. Hope this helps.

Joshua A. Lerette
Residential Finance Corp.
813.402.4637
0 votes Thank Flag Link Tue Jan 15, 2013
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