Home Buying in Santa Ana>Question Details

John Logan, Home Buyer in Los Angeles, CA

I short sale my home recently, Can I be able to buy home right away based on Mortgage Letter 09-52. I am relocating because of job to CA.

Asked by John Logan, Los Angeles, CA Mon May 28, 2012

I have never been late in my payments. Can anyone help me, find me a mortgage loan. My credit score is 790, the bank has not hit my credit yet with short sale..

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Answers

13
Hey Zeeshan,

I work for a Direct Mortgage Lender give me a call and lets see if we can get you pre approved for financing.

Jovan Simon
Account Manager
In House Lender
714-619-3172
0 votes Thank Flag Link Wed Jun 27, 2012
"This is where a lot of people in the industry get confused. FHA has specific guidelines that determine eligibility to buy again after a Short Sale. Generally, its 2 years if you have 20% down."

Erik, You seem to be confused because that is not a FHA guideline, that is a Fannie Mae guideline. FHA is 3 years unless all mortgage payments due on the prior mortgage were made within the month due for the 12 month period preceding the short sale and all installment debt payments for the same time period were also made within the month due. You cannot have done the short sale to take advantage of declining market conditions, and purchase, at a reduced price, a similar or superior property within a reasonable commuting distance. This means you will have to downsize and you will have to have a good reason for the short sale to prove you are not gaming the market.

Please note that HUD 4155.1 4.C.2.f states: "The inability to sell the property due to a job transfer or relocation to another area does not qualify as an extenuating circumstance."

You will have to have a reason for the short sale other than this to satisfy a new lender that you are not trying to take advantage of the market.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Wed Jun 27, 2012
You are correct, I meant to say FNMA, however my article states what you have just said. And after 2 years if you have 20% down, you can do it with conventional. Thanks for the clarification.
Flag Wed Jun 27, 2012
This is where a lot of people in the industry get confused. FHA has specific guidelines that determine eligibility to buy again after a Short Sale. Generally, its 2 years if you have 20% down. HOWEVER, there are situations where you may be able to buy the very next day after your short sale records. Please read these two articles and call me at 714-455-9150 if you have any questions. I can give you the short and skinny of it and be straight to the point. If I can't help you now, I'll work with you until I can. Good luck.

http://orangecahomeloans.com/2012/06/27/buy-again-sooner-aft…

http://orangecahomeloans.com/2012/06/27/update-buy-again-one…
0 votes Thank Flag Link Wed Jun 27, 2012
Emily -

Really? 730+ closed short sale transactions?

As of this morning, the MLS shows since 2001..... (all activity, not just short sales):
3 Backup
1 Pending
30 Closed
6 Cancelled
3 Expired

Not sure how you get 730+ from those numbers..... unless you're including Geoff's entire Brokerage.
0 votes Thank Flag Link Tue May 29, 2012
Clarification, since your house was short sale approved by your previous lender you do not have a deficiency to pay (the forgiven amount will not chase you down "is forgiven').

Kinecta FCU, is aa local lender, with processing and underwriter in house. our pre-aproval letter is good for 90 days. we are building relationships to communities for 70 years.
Only $10.00 membership BUT if you live in Santa Ana is free!!

I welcome you to our next event June 12 /2012 at Balboa Beach Club for a home buyer seminar.
call me or email me to add you to my VIP seats for the event!!!
http://www.kinecta.org/lquintero
lquintero@kinecta.org
949.861.0367
0 votes Thank Flag Link Tue May 29, 2012
Good morning, i love to hear that you were never late in your payments and your fico is 790, yes you can buy a home at any moment you want.
I do home buyers seminars every two months and we lend nationwide (few banks can do that) .
my page http://www.kinecta.org/lquintero lquintero@kinecta.org 949.8610367
Kinecta Federal credit Union is the largest in California, and we have $500 Gift for purchse and .625% rate incentive for purchase (both combine)

Libardo
0 votes Thank Flag Link Tue May 29, 2012
My team has closed over 730 short sales, yes it is possible to get another mortgage IMMEDIATELY after closing a short sale provided you did not miss any payments & at the very least only 1 missed payment within the past 12mos. I hope you made your mortg. payment in the month you closed your short sale too.

Relocation is the best hardship possible because lenders are being asked to re-loan to people who want to move just 2 miles away & it's very tough to explain "Well, he wanted to move to have a shorter commute to work". 2mi shorter, doesn't cut it.

There are a lot of short sales for sale in Santa Ana, if you are going to be on the buyer side of a short sale, please give me a call, not only can I hook you up with the right lender for financing, I also know how to PRE-QUALIFY the short SELLER & their Listing Agent to make sure your transaction is going to be as smooth as possible.

Shoot me an email directly if you'd like to talk to me some more. I don't look back on this same Trulia thread for answers posted after mine.


EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
Short Sale Expert - I Can Prove it!
0 votes Thank Flag Link Mon May 28, 2012
You should meet with a local and trusted loan officer who can prequailify you,. The key question is if you had to sign a note for teh shroted amnount or if you received a letter with full forgiveness. you do not want to buy a new home and then they attach it for the shorted amount,. Good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon May 28, 2012
It really depends on your payment history. If you made all your payements on time and circumstances were that you had to sell in a down economy because of a job transfer.? You should be able to go FHA and provide and good explanation of your situation. I can provide mre information at 949 306-3556
Brian Head, Realtor
Law Offices of Joel Feinstein
0 votes Thank Flag Link Mon May 28, 2012
Try sheila 949-922-9244 she does all of my short sales.
0 votes Thank Flag Link Mon May 28, 2012
Hey Zeeshan,

In most cases you have to wait 2-3 years before you can purchase another property. However, you may still have the option of doing a hard money loan. We just have to see what shows up on your credit and try to get it submitted before it showed up on your credit I it haven't already. Please give me a call so I can see if we can do this for you.

Jovan Simon
Account Manager
In House lender
714-619-3172
Jsimon@inhouselender.com
0 votes Thank Flag Link Mon May 28, 2012
Many times a job move is a reason they accept. You need to talk to my Lender. Send me an email and I will connect you.

Longbeachcoastalteam@gmail.com
0 votes Thank Flag Link Mon May 28, 2012
Call Chris Wagner, Rancho Financial @ 760-479-2070 X101. If anyone can do it, he can
0 votes Thank Flag Link Mon May 28, 2012
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