In the next couple years, I predict the Lenders are going to be hungry; there are a lot of displaced families out there, waiting; waiting for their purgatory to end.
The Lenders want to make loans,
so they will come up with programs to help you, (themselves!)
Good luck and may God bless
Since no one meets the guidelines we will skip it.
Buying Conventional if you put down 20% the wait is 2 years. < 20% down = 7 years.
VA = 2 years
FHA 3 years
Hope that helps, any questions please call 949-297-1207
If you buy using a conventional loan with 20% down it is 2 years. Better be ready to be completely scrutinized. < 20% = wait 7 years
If you are buying FHA = 3 years
Any other questions
See section 4155.1 4.C.2.l : http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.
Unfortunately I don't know of anyone in Florida, but there are a few in California that do this. The criteria is very simple. No missed mortgage payments for the 12 months prior or since. No missed payments on any other item in the credit report and proof that the short sale and repurchase is not to game the market. This is accomplished with good letters of explanation and a good loan officer that will provide documentation regarding the reasons for the short sale and package the file properly.
If you really are interested, I will find out if any of the wholesale lenders I use also lend in Florida. Feel free to contact me through my profile.
I have a problem with the lenders anyway as I have had so many clients tell me the lender told them to stop making payments or they wouldn't qualify for a short sale. So...guess what...they listened to the lender and stopped making payments. I talk to the banks everyday of my life regarding short sales and I promise you I can call the same lender about the same account on the same day - talk to 5 different people and get 5 totally different answers. It truly is a shame and the distressed sellers are being given the run around instead of good and honest advice from their lenders.
You really need to stop saying that without giving all the details. This is not subjective, there are actual guidelines. What I posted is exactly what is enforced without exception for conforming and FHA loans. The answer is not a blanket 2 years. You can only repurchase after 2 years with a conforming loan and 20% down.
Details are important.
That's not even close to the correct information! The only correct thing in that was that you can purchase immediately with private money. The ACTUAL waiting periods for purchases after short sales are as follows.
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.