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 â€œhardshipâ€ defined as:
a) Job loss and subsequent job transfer/relocation.
b) Catastrophic medical bills (and/or a death in the family) incurred by a member of the borrowerâ€™s â€œnuclear family.â€
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.
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
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...