We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score. Late payments acceptable.
This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA . Loan amounts up to $4 million +
MORE INFO - http://cbosse.banchomeloans.com/2014/02/20/how-to-get-a-jumb
The best advice I can give you is to go and get good advice.
Contact a knowledgeable realtor, share your financial situation with her/him, speak with your lender and develop a plan that you can live with not only for the short term, but the long term.
Good Luck and stay positive.
Sometimes 2 years or more.
Some home owners do a short sale with out really missing payments. Others stop paying their mortgage completely untill the short sale is complete.
When home owners stop making their payments completely it hurts their credit the most. it will probably take mpore than 2 yrs.
It willl probably be a great idea if you sit down with a professional and they analyze your situation step-by-step. you need to know the pros and cons of the short sale process.
I have been helping hudreds of clients in your situation, and i am able to analayze and break down the situation clearly for you.
OBJECTIVE REAL ESTATE
6399 WILSHIRE BLVD SUITE 908
LOS ANGELES, CA, 90048
That's completely false information. If you do a short sale and even if it didn't report on your credit report you must disclose it or it's fraud. There is no program with no waiting period for someone that does a strategic default other than hard money or other private financing and those have nothing to do with the way it's reported on a credit report.
Note that you won't be eligible for the FHA exception because a "strategic default" will disqualify you.
Fannie Mae will allow you to purchase a home 2 years after a short sale with a 20% down payment and 4 years after with a 10% down payment, with re-established credit. If there were documentable, extenuating circumstances, you may be able to buy after 2 years with 10% down.
FHA has a 3 year waiting period after short sale, however, you may be eligible for a new FHA loan immediately after a short sale if:
o All mortgage payments due on the prior mortgage were made within the month due for the 12 month period preceding the short sale and,
o All installment debt payments for the same time period were also made within the month due.
Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to:
o Take advantage of declining market conditions, and
o Purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.
Borrowers in default on their mortgage at the time of the short sale are not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale.
Please talk to a mortgage broker/banker who can give you the best advice on this topic.