Home Buying in San Diego>Question Details

KANEPRICE1, Home Buyer in San Diego, CA

Does anyone know of any lenders offering loans not backed by fha fannie or freddie, i just had a short sale?

Asked by KANEPRICE1, San Diego, CA Mon Apr 22, 2013

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15
Paschal Curtin’s answer
Good Morning,

We are a direct VA lender and can help you buy immediately as long as you didn't go delinquent on your mortgage prior to the short sale.

If you have VA eligibility, feel free to reach out to me.

Thanks!!
0 votes Thank Flag Link Thu May 2, 2013
I know of options for what is referred to as 'hard money'. However the rate and fees are much higher and you would be required to put at least 40% down. I just closed on one recently and they did get a 30 year fixed. Feel free to contact me if you're interested in learning more. :)

Maureen Martin
MMartin@JMJFinancial.com
1 vote Thank Flag Link Mon Apr 22, 2013
Yes I have a loan available where there is NO wait time after short sale or foreclosure with 20% down. This is a portfolio loan not Government backed.
0 votes Thank Flag Link Sat Jul 27, 2013
We do have portfolio lenders that will do loan for borrowers who recently had shortsale (Just did one recently with a seasoning of less than 2 yrs)...Their Loan-to-Value requirements are usually restricive...(50-60% max)
0 votes Thank Flag Link Fri Jul 26, 2013
Under extenuating circumstances you might get a loan. For example you took a new job and it moved you more than 50 miles away from short sale home. Otherwise you will need to find a portfolio lender. I think you will have a very hard time finding one that will work with you when they see it on your credit report. From the investor perspective it would make them wonder why you wouldn't walk away from another property or do another short sale. Best of luck.
0 votes Thank Flag Link Thu Jul 25, 2013
Here are the qualifying guidelines for an FHA loan if you recently had a short sale:

1) Homeowner must have been current on their mortgage and all other credit obligations for the 12 months leading up to their short sale.

2) Homeowners must document “hardship” defined as:

a) Job loss and subsequent job transfer/relocation.
-or-
b) Catastrophic medical bills (and/or a death in the family) incurred by a member of the borrower’s “nuclear family.”

3) They must be downsizing and relocating to another area.

4) Credit scores must be above 620 and any outstanding collections (i.e. medical bills) need to be paid in full through escrow at close of escrow.


rdeblanco@firstcal.net
0 votes Thank Flag Link Thu Jul 25, 2013
Portfolio baby :)) that's what u gonna need to use
0 votes Thank Flag Link Wed Apr 24, 2013
Typically those who have had a short sale will need to wait two years before they can purchase. Investors will be looking at the level of risk, why did you need to sell short?
0 votes Thank Flag Link Wed Apr 24, 2013
Kane,

When did you do your short sale? One of my lenders can do your loan under the right circumstances.

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
hectorgastelum@yahoo.com
619-954-2225
efax 619-270-2516
0 votes Thank Flag Link Tue Apr 23, 2013
What exactly are you trying to figure out? Are you trying to find out when you can buy another house?
0 votes Thank Flag Link Mon Apr 22, 2013
What kind of short sale was it? Was it a conventional short sale?
Where u late on the mortgage payment?
You can call me directly @ 619 392-5747
0 votes Thank Flag Link Mon Apr 22, 2013
Does your question pertain to the length of time since the short sale, needed to qualify for a new loan. Your question says that you JUST had a short sale. When was it, and what would be the approximate price point of your next purchase.
0 votes Thank Flag Link Mon Apr 22, 2013
We do have portfolio lenders that will do loan for borrowers who recently had shortsale...Their Loan-to-Value requirements are usually restricive...(50-60% max)
0 votes Thank Flag Link Mon Apr 22, 2013
Hi

This is true that you really need to look for portfolio lenders and their interest rate a little high. However, you have to see how does that increase in monthly payment affect your lifestyle.

Manju Gupta
858-947-8490
0 votes Thank Flag Link Mon Apr 22, 2013
The type of lender that you are looking for is called a "portfolio lender". In other words, they keep their loans in their portfolio, as opposed to selling them.

The problem that you will run into, is that even though portfolio lenders dont sell to fannie/freddie, a lot of times they still utilize their guidelines as a starting point for their own guidelines. So I dont know that you will have a whole heck of a lot of luck...

US Bank and Union Bank are portfolio lenders. You could also try North Island FCU, etc. but I think you will still need to clear a waiting period after the short sale... UNLESS you were not late going into the short sale. If you were current on your loan before the short sale you can buy now...

Daniel Lehman
858-345-4725
daniel.lehman@wjbradley.com
0 votes Thank Flag Link Mon Apr 22, 2013
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