Home Buying in Omaha>Question Details

William J., Home Buyer in Omaha, NE

Had short sale two years ago exactly (conv loan w/late pmts) Credit score now 720. Have 5% down (280k home max desired). Can I get loan approval ?

Asked by William J., Omaha, NE Wed Nov 13, 2013

Help the community by answering this question:


Congratulations on taking the right steps to purchase your next home! Most lenders like to see three years from the date of a short sale before extending another mortgage. But that doesn't mean that you can begin a dialogue with a mortgage banker to get the process started!

Joe Iaccheri from Regent Financial (jiaccheri@regentfinancial.com or 402.884.5613) is a fantastic resource for situations like yours and has helped many of my clients through similar situations. We would be thrilled to help you reach your goals!

dal.las@me.com | 402.819.8444
1 vote Thank Flag Link Wed Nov 13, 2013
If you are still looking, try http://www.getagoodhome.com for Omaha and Nebraska.
0 votes Thank Flag Link Wed Feb 19, 2014
The usual waiting period for a short sale is around 2 years. Also, it's great that you have been able to work your credit score back up to a good score. Have you considered going the FHA loan route. It only requires 3.5% down and you will need more funds for closing costs as well. This may be your best option. I recommend that you speak with lenders like myself that would be glad to help you out. If you have any further questions or if you would like a loan, feel free to contact me. Good luck! Brian Nguyen Sr. Mortgage Banker Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 10, 2014
The best thing that you can do is speak with a lender. Feel free to contact me for more information! I would love the opportunity to work with you!

Joe Westerhaus
NP Dodge
0 votes Thank Flag Link Wed Dec 18, 2013
Had to stop by and commend you on getting your "financial house" in order and taking care of your credit issues in an effort to purchase another house down the road.

It is not often I see and read prior distressed homeowners acknowledging and understanding the tremendous need to re-establish their credit (core) as this greatly impacts future short and long term financial goals.

If the past economic trends have taught us anything significant it very well may be ackowledging the fact of being more responsible for our actions regarding our finances and spending habits every day of our lives.

Congratulations and I wish you all the best!
0 votes Thank Flag Link Wed Nov 13, 2013
You can email me directly if you want to take this offline. Otherwise, here are some key questions:
1. Was the short sale due to job loss?
2. Did you move to Omaha for a job opportunity?
3. Did you pay all of your other creditors on time?
4. How many late payments did you have?
5. Has your pay history been perfect since?

With best regards,
Suzan Downing
Keller Williams Realty
0 votes Thank Flag Link Wed Nov 13, 2013
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