If I were you I would contact Don McGlinchy in Pleasanton. He is one of the best lenders I have ever worked with. Direct number is, 925-640-8660 or visit http://consultwithdon.com/
You should be able to qualify for another FHA loan after 3 years from close of escrow on your short sale. It ALSO may be possible to be under contract a month or two earlier than your seasoning date with the condition that escrow closes on your new home at time of seasoning. Talk with Don he is a master at solving problems when it comes to loan qualifying!!
I agree that it's highly unlikely anyone would lend on that loan amount with 3% down, however, I've seen physician/professional loans with crazier terms. If you have a relationship with a back where you have considerable assets, that should be your first call. If you can come up with 10% down you may have better results depending on the reason(s) for the short sale.
if you dont have any lates on your mortgage while you were in short sale then there is no waiting period but min 15 % down required. other condition may apply please contact me
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With a Short Sale you can repurchase after 2 years if you have 20% down; or, 2 years with 10% down if there was Extenuating Circumstances (divorce, medical, job loss, death of a wage earner, etc.)
"I wish I could shake off this instant gratification crave for a house of my own. It will indeed be a long lesson in waiting (for all the right reasons)."
In actuality, it's not too early to speak with a Mortgage Broker/Banker and get your plan together because you want the option to act quickly six months from now as the economy is improving, and conversely, interest rates will rise as this occurs.
I would suggest speaking with a loan officer regarding what programs/loans you may qualify for.
Since your short sale was not too long ago, you may have to wait a little longer before purchasing a home. Most lenders now require 4 years. Keep in mind every lender is different and has different requirements and guidelines, so there is still a chance you may be able to qualify for a loan.
I highly recommend my colleague Russell Barto with Landmark Mortgage Group. Cell# (510)304-8834 Office# (925)583-2500.
He is a mortgage advisor and has been in the business for over 20 years. He has helped my clients in the past who had a similar situation as yours and was able to help them.
Good luck. :)
Her cell is usually the best. From what I jnow after selling real estate for 29 years is you exceed the maximum loan limits for a government insured loan however there may be a hybrid or specialized loan program available to you. My question is do you have an established banking relationship with a bank like First Republic, perhaps Union Bank or if you have a brokersge account with Dean Whitter they perhaps could hive you such a loan as long as they can securitize your assets in their brokerage. GIVE MARI a Call and let me know if she was able to help you find a loan