Home Buying in 48348>Question Details

jimmer22293, Home Buyer in Clarkston, MI

I did a short sale 2 years ago. Is it possible to obtain a morgage now? I will have over a 20% down payment and my credit scores are above 700.

Asked by jimmer22293, Clarkston, MI Sat Mar 2, 2013

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I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
0 votes Thank Flag Link Mon May 13, 2013
Call Steve stork at Summit Funding. Great loan officer with good rates. 248.755.3701
0 votes Thank Flag Link Thu Apr 11, 2013
Did you have any lates before the short sale?
Contact me and I we can go over the scenario togeter.

-Bill Stephens
(248) 629 0449
0 votes Thank Flag Link Sun Mar 3, 2013
Most lenders will tell you that it has to be 3 years since your short sale. However, I have a small independent bank that I am working with and they will make loans to people much sooner than the 3-year timeframe. You have to show this particular bank that the financial issues that forced you into the short sale have been resolved. With a 20% downpayment and a credit score of 700, I am pretty confident that I can get you an approval to purchase a new home within the week. Give me a call (248-930-0198) and let's begin that process for you.

And for any other people out there who have been through a foreclosure or short sale and are now back on track, give me a call and let's see if we can get you into your new home now instead of 3-5 years from now. I have a bank that will do this for you if you meet their requirements.

Kathy Persha, Broker
0 votes Thank Flag Link Sat Mar 2, 2013
It will depend on how it is being reported to your credit report.

Contact me and I we can go over the scenario togeter.

-Bill Stephens
(248) 629 0449
0 votes Thank Flag Link Sat Mar 2, 2013
Generally speaking lenders want to see you out of this a minimum of 2 years. Many times 3 years, but I also know there are exceptions. One time I had Buyers purchase one of my listings and they were only 18 months out of a foreclosure. You have a lot going for you with the 20% down and the good credit score! However, you really need to speak with a loan officer to go over your specific situation. If you want please contact me through my website http://www.GoMelinda.com. I have one lender who works with 40 different banks/ investors. I can give you his information if you would like.

I hope this information helps! Best Wishes!
Web Reference: http://www.GoMelinda.com
0 votes Thank Flag Link Sat Mar 2, 2013
Good question ... and good job on recovering quickly! 2-3 years is a good guideline with some exceptions and the ability to purchase even before that 2 year mark. As long as you have done the right things since that short sale being reported, you may be in a position to again purchase. If you would like a referral to a loan officer, I'd be happy to provide you one.
0 votes Thank Flag Link Sat Mar 2, 2013
Talk to a good mortgage lender to be sure, but you should be fine. Two years is the rule of thumb for short sales and your savings and credit score are both excellent. As long as the other factors, such as debt to income ratio, are within the underwriting guidelines, you should be golden.
0 votes Thank Flag Link Sat Mar 2, 2013
As long as you didn't have a deficiency judgment entered against you as part of your short sale you should be good to go.
0 votes Thank Flag Link Sat Mar 2, 2013
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