If you weren't able to buy a home when you originally asked this question, I would try again now. Contact a Mortgage Broker to help, and be sure to ask them about the FHA's "Back to Work" Program.
Best of luck, and call or email if I can be of any help.
Realtor® | Kroll Realty Co
It's best to contact a mortgage broker. Here is one that you can reach out to.
Choice Mortgage Bank
(o) 561.362.8204 Direct Line
Always a pleasure,
Jennifer Susanne Sommers
Luxury Real Estate Specialist/Top 5 Producer
Nestler Poletto Sotheby's International Realty
200 East Palmetto Park Road, Suite 104
Boca Raton, FL 33432
Direct â€“ 561-235-7777
Ryan can be reached at 954-394-9005 or email@example.com
The U.S. Department of Housing and Urban Development (HUD) recently announced the â€œBack to Work â€“ Extenuating Circumstancesâ€ 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 HUDâ€™s minimum eligibility requirements.
640 is OK. With FHA you can get a mortgage with 620 score for owner occupant. Next as long as you kept your credit good 2-3 years since the short sale then we can get you a pre-approval first then you can be confidant to start home shopping. Putting 20% down would eliminate mortgage insurance premium which is even better for you. Feel free to contact to better assist you.
Russ Greenberg, Realtor, ePro
It might be possible, but to make sure if you qualify you need to speak to a mortgage lender and he/she will be able to determine whether or not they can preapprove you for a loan. If you need help finding one, please call me at 954-856-3156 and I'll be happy to provide you with the contact information of a couple of them.
Realtor & Lic. Community Association Manager
East Coast Realty Group LLC
Direct: 954-856-3156Fax: 954-934-9530
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
The short answer is this; you can certainly obtain financing with a 640 score , but understand this will be a sub-prime loan which will subject you to higher interest rates. Assuming you show good employment history and have the ability to repay the monthly mortgage you can find financing.
This also assumes the balance of your credit (not prior short sale) is reflecting payments paid on time.
If you have any additional questions you may reach me at 561.324.5707 or through our website at;
If the SS was over 3yrs ago...or if there were no late payments in the 12 months leading up to the SS then YES, its likely you may be able to buy now
If this is not the case, there still may be options.
Call me after 4:00 and tell you what you can do
See loan programs: http://WWW.PRO-OPTION.COM