Your lender can talk to you about your individual loan qualification for a new home. Too much personal information is needed for an answer in this public forum.
However, if you cannot qualify for a conventional loan at this time, you could qualify for a "Seller May Carry" interim financing loan with your 20% mentioned down payment. Here are "Seller May Carry" homes in the Phoenix metro area: http://link.flexmls.com/ub7k1q5dnm5,12
Let me know if you have any additional questions.
Jeffrey Masich, Reatlor, GRI, MBA
Yes you could purchase with 20% down using Fannie Mae conforming financing, and the short sale doesn't have to be because of extenuating circumstances (i.e. medical, death of a wage earner, etc.). FHA financing is also an option if you were not late on the mortgage or installment debt for the 12 months prior to the short sale, even though you already have an FHA mortgage there is an exception to allow you to get another FHA mortgage if you are relocating to a new area not within commuting distance of your current FHA mortgaged home (i.e. moving to a new state). If you were late on the mortgage or installment debt during the 12 months prior to the short sale, then FHA financing would require a 3-year wait from the short sale. However with 20% down & with scores over 720, Fannie Mae financing would likely be the recommended loan option since there wouldn't be any mortgage insurance (which FHA still has even with a 20% down payment).
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
To purchase using a conventional loan you will have to wait 4 years from the date the Deed recorded into the new buyers name.
Call me for more information at 520.240.9602 or send me an email at email@example.com.
AZ License #0921717
The Dan Adler Team
Keller Williams Southern Az
2506 E. Vistoso Commerce Loop #100
Oro Valley, Az 85755
The greatest compliment you can give is the referral of your friends and family. If you, or anyone you know, is thinking of buying or selling, please think of me and our TEAM.
Feel free to call me ANYTIME today, and I would love to discuss what you're in need of!
PS: Don't hesitate to call, mortgage rates change everyday!
Lenders may have different requirements regarding a previous short sale and qualifying for a new loan. It is best to speak directly to a lender to get answers to your questions. Two preferred lenders I work with are: Adam Stewart with Arizona State Credit Union , cell number 520-237-4796 or Patrick Randles with Nova, cell number 520-850-7485.
Best of luck to you and if I can assist in helping you purchase a home, please contact me.
Gayla Lemley, Associate Broker, ABR, e-PRO
Tierra Antigua Realty, LLC
Happy to talk about possibilities in Tucson, if you are coming here. Our home prices are good and slowly moving up.
Jay McCall, GRI, SFR, SGSB
Real Estate Consultant
Keller Williams Southern Arizona
You have received great answers from local lenders. You could also check with Adam Stewart, Arizona State Credit Union, (520-784-5000) or Patrick Randles, Nova (520-850-7485). They could answer any questions you might have and they have a proven record of handling real estate loan purchases in a timely manner.
If I can assist you in finding a home, please contact me and I will get to work for you!
Gayla Lemley,Associate Broker, ABR, e-PRO, BA, MaEd
Tierra Antigua Realty, LLC
Not 100% sure I understand what you are asking here, sounds like you could use some advice from a local lender. That is what any buyer should do first, get pre-approved. I can recommend Paul Volpe Vice President with a local lender, Nova Home Loans, his direct number is (520) 241-4048.
Best of luck.
Spirit Messingham, PLLC
3rd Generation Full-Time RealtorÂ®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
Yes, it is possible but every situation is unique. I would love to speak with you directly to hear more about your situation, your new location you will be relocating to in town, and possible homes you would be interested in viewing. Please give me a call directly at 520-247-6436 at your soonest convenience.
Diversified Equity Corp.
Sorry to hear about your Short Sale.
In regards to securing financing to fund a new home purchase 2 years after a short sale, there are a few options that may be available to you. We have a new loan program we will be implementing next month that will not have any waiting period after a Short Sale, Foreclosure or Deed In Lieu & a 6 month waiting period for a Bankruptcy, both Chapter 7 & Chapter 13.
Please feel free to contact me directly if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
NMLS ID 263779
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
It is possible, but the answer to your question is too complicated to answer with certainty without actually reviewing your credit report and running your application through the automated underwriting systems used by Fannie Mae and Freddie Mac. It is possible if the reason for your short sale was due to documentable extenuating circumstances and you are putting 20% down and two years have elapsed since the short sale. What is really important is to have a mortgage credit report pulled and reviewed to see how the credit history is being reported. There are often mistakes in how short sales are coded at the bureaus and the dates being correct. In this case this is critical because a computer is making the initial credit decision based on the information contained in your credit report. If things need to be corrected on your credit report, it can take a couple months or more. So you will want to start working with an experienced loan officer as soon as possible to make sure your credit report is in the right condition before your job transfer happens and you need to buy a home here in AZ. By starting now, if your credit report is in good shape you can get a credit approval and be ready to look at homes when the time is right.
Let me know if you would like my help.
Brian S. Cardenas | Sr. Mortgage Banker
NMLS # 183143 | AZ LO # 0913950
AmeriFirst Financial, Inc.
Helping homeowners since 1992.
It is possible, but your first step should be to discuss this with a local lender and get pre-qualified to ensure you can purchase.
Please let me know if I can provide a referrals to some local lenders who might be able to better answer your questions.