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Mike Yom, Home Buyer in Cupertino, CA

Hello, I would like to get advice on when can I buy home after short sale.

Asked by Mike Yom, Cupertino, CA Mon Apr 30, 2012

We have been living at Stockton from 2002-2010. I was layoff from the Sun Microsystems on Jan 2010 and because of school for my two boys and not wanting to ride train for 4 hours a day we did short-sale and on 15 June 2010 our home title was transfered. We had few months of mortgage delinquencies. Someone told me I have to wait two years and others said three years. I am military veteran and have not yet used my VA loan. Owner of house we are renting is coming back from Canada and we have to move out by 30 June. So we have to make decision rent house, rent apartment and it would be great if we can buy a house before school starts this fall. Please let me know if you can help me. mikeyom@gmail.com (408) 657-9771 -Mike

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4
Steve Ornellas’ answer
Hi Mike:

First, thanks for your service!

FHA financing normally requires THREE years from the short sale; HOWEVER, IF 1) the mortgage payments were made on time within the 12 months prior to the short sale, and 2) you aren't looking to purchasing a similar or larger home in the same area as short sale you can actually buy the very NEXT DAY after escrow closes on your Short Sale.

Conforming loan guidelines state a minimum of TWO years and 20% down; however, if the short sale was due to documentable "extenuating circumstances" (divorce, medical, job loss, death of a wage earner, etc.) then you only need 10% down.

Extenuating Circumstances "are nonrecurring events beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations."

Please contact Julie Thall to confirm what your options are:
jthall@opesadvisors.com , (650) 931-0606 (510) 915-3400(cell)
Julie can also help you with a VA loan.

-Steve
0 votes Thank Flag Link Mon Apr 30, 2012
Hi Steve,

If I want to buy this house best bet is 10% down. Thanks for this info.
We will let Julie know if decide to purchase house this year.
Thanks for this info.
Flag Wed May 2, 2012
Hello Mike, You may now qualify FHA ONE YEAR from a BK, short sale, foreclosure or deed in lieu under extenuating circumstances due to the economy. It only takes a few dozen questions to qualify you in minutes and go over your options. I am a Veteran too and specialize in VA/CalVet and many other loan programs and unfortunately VA still requires 2 years from a short sale or foreclosure. Here is a needs list to gather for processing a loan approval, DU Approval or pre-approval letter to get out shopping for a home of your choice. http://tinyurl.com/l9ctod4

http://www.under640ficoscoreloans.com/Pages/VAHomeLoans.aspx

http://www.under640ficoscoreloans.com/Pages/CalVetHomeLoans.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm 7 days
http://youtu.be/MrygA2_8fAY

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0 votes Thank Flag Link Thu Sep 26, 2013
Hi Mike,

You can get a VA loan only 1 year after a short sale. Give me a call and I can discuss assisting your get approved.
Web Reference: http://www.socalvaloans.com
0 votes Thank Flag Link Wed Sep 11, 2013
My understanding is two years. At one year 10 months you can go to a lender and work on your pre-approval papers to get ready to purchase at 2 years.
Erica
0 votes Thank Flag Link Mon Apr 30, 2012
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