Home Buying in Carson City>Question Details

Rmb, Home Buyer in Las Vegas, NV

Can we get a mortage?

Asked by Rmb, Las Vegas, NV Fri Aug 24, 2012

My husband and I are planning to relocate to the area early next year and would like to buy a house. His credit score is 689 and mine is 724. However, I have a short sale on my credit only. The short sale was completed in 11/11 and is marked on my credit report as settled-less than full balance. We will have approx $30k to put down and have gross yearly income of $75,000. What kind of mortgage can we get?
Thanks!

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Answers

5
RMB, the straight answer would be conventional, FHA, USDA Rural depending on the area.
The fastest path is to have you off the loan, via quit claim as this is a community property state.
Rates, which is no doubt really what you are asking vary on the circumstances, and the lender overlays.

Lenders come in a few flavors, there are the traditional banks and S and L's and you are limited to their products and overlays.

There are mortgage bankers who underwrite their own loans, but also allow their officers to find you the best solution, or broker your loan if your situation does not meet their credit overlays.

Then there are brokers, who just broker your loan.

Feel free to contact me if you have any further questions.

Best,
Joe Hughes
Security National Mortgage Co.
Reno, NV
NMLS #906067
0 votes Thank Flag Link Fri Dec 14, 2012
If you short sale was approved wth no delinquent payments and no NOD it may be possible for you to qualify for a new FHA Mortgage. Just depends! Let me know the rest of the details and we can help you sort this out!

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410
775-781-5472
0 votes Thank Flag Link Tue Nov 20, 2012
You will probably have to wait 2 years before buying a home because of the short sale on your credit report. Conventional financing will require 20% down; FHA 3.5% down. Should your husband just apply for the loan, a lender may not be so willing to make the loan because of his credit score. Before moving and house hunting, you should talk to a lender and get preapproved for a loan so that you will know exactly what you will qualify for and then you can plan accordingly.
You may contact me at any time for further information,
Darlene Bardsley
Coldwell Banker Select Real Estate
Cell: 775-771-1380
Email: jbards1129@att.net or darlene.bardsley@cbselectre.com
0 votes Thank Flag Link Thu Oct 18, 2012
Hi Rmb,

First, I will answer your question. Then, I will give you my contact information following my answer so you can contact me when you are ready to search for a home and relocate to Northern Nevada. I would love to help you find the right home at the right price.

I checked with Kyle Rush, who is a mortgage consultant at Greater Nevada Mortgage Services and whom I've worked with in the past, and he said he can work with your husband's credit score of 689 (by himself), but due to the short sale, you would not be eligible for home financing for a minimum of 2 yrs from the date of the short sale, or not until 11/13. He said he would be happy to work with you. Your husband may be able to qualify for a mortgage by himself and you may be added to the deed at a later date.

You can contact Kyle Rush or Nick Serrano at:

Greater Nevada Mortgage Services
451 Eagle Station Lane
Carson City, NV 89701
Phone: 775-886-1379
Kyle's e-mail: krush@gnms.com
Nick's e-mail: nserrano@gnms.com

After you get a better idea of how much you can qualify for, please contact me at (775) 721-2135 or e-mail me at Shane.Martin@cbselectre.com.

Thanks,


Shane Martin, REALTOR®, SFR
Coldwell Banker Select Real Estate
1657 Hwy 395 N
Minden, NV  89423
(775) 721-2135
Shane.Martin@cbselectre.com
ShaneMartinHomes.com
ColdwellBankerSelectRealEstate.com 
http://www.facebook.com/shanemartin444 
CA DRE Lic.# 01832084
NV DRE Lic.# S.0169472
0 votes Thank Flag Link Tue Aug 28, 2012
I would say that you definitely can get financed, especially with that much more time under your belt. You need a good lender to set you up and walk you through. FHA will be a good bet. Good lenders to call would be Jake Fair ... jacob.c.fair@wellsfargo.com or call him at 775-790-1390 or Kim Marcarelli at kim.marcarelli@spm1.com , call her at 775-901-0702

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410
77-781-5472
0 votes Thank Flag Link Fri Aug 24, 2012
Thanks so much,! We'll be sure to give them a call when the time gets a little closer.
Flag Sun Aug 26, 2012
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