Home Buying in Evanston>Question Details

epayne6, Home Buyer in Chicago, IL

I am 6 months past a short sale and want to purchase a home in Illinois with 20% to 30% down. Anyone doing mortgages like this in IL?

Asked by epayne6, Chicago, IL Mon Aug 5, 2013

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Answers

7
FHA has come out with new guidelines on Shortsales and Foreclosures waiting periods. Work with a lender to find out if you qualify , you may need to wait another 6 months at the minimum.
0 votes Thank Flag Link Thu Sep 5, 2013
Wow! Congrats on keeping that downpayment off your financial statements to the bank through whom the short sale was conducted. That was the right way to do it!
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As others have noted, the big banks willl see this as a big red flag, UNLESS this is documented income that become availalble AFTER the short sale. Of course, six months past SS will be a no go for them anyway.
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Follow up with the contacts others have already provided. You may want to consult with a local lender by choosing an "A" or "B" graded lender who has a demonstrated history of investing in your community. Simply enter your zip or city and select the "A" graded lender most appealing. You wlll observe the 'too big to care' banks are all graded F for failing.
http://www.BankingGrades.com
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Finally, your real estate professional will know how to identify sellers or seller situations that are a perfect match for your situation. Call a local pro and discover what options you have.
0 votes Thank Flag Link Mon Aug 19, 2013
Huh?

Six months past a short sale and you've got 30% down? That raises a red flag...and it may well with lenders.
0 votes Thank Flag Link Mon Aug 19, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Hello Epayne, in the end, it really all depends on how the lender states it. Fannie Mae Convention mortgage requires 2 years with 20% downpayment for a mortgage after shortsale.

I would be more than happy to review your situation with you and find out your best options.

With warm regards,

Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com

http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
0 votes Thank Flag Link Mon Aug 19, 2013
It will depend on the type of short sale you had.

Contact Amir Syed at Perl Mortgage 773-447-4788 or Michael Gordon of Stearns Lending 847-951-9478. Let them know I referred you.

Good luck!
0 votes Thank Flag Link Tue Aug 6, 2013
There are lenders working with clients who have short saled their home. Try Steve Molitor with PHH Home Loans at 847-686-3700. Tell him Steven Sims referred you!
0 votes Thank Flag Link Mon Aug 5, 2013
Maybe? I am a realtor but love working with Beth Lewis of Perl Mortgage
Tell her I sent you, she is a broker not a lender so you have more options

Beth Lewis
500 Lake Cook Rd.
Suite 420
Deerfield, Il 60015
blewis@perlmortgage.com
847.964.5533
0 votes Thank Flag Link Mon Aug 5, 2013
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