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.
Really? 730+ closed short sale transactions?
As of this morning, the MLS shows since 2001..... (all activity, not just short sales):
Not sure how you get 730+ from those numbers..... unless you're including Geoff's entire Brokerage.
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!!!
I do home buyers seminars every two months and we lend nationwide (few banks can do that) .
my page http://www.kinecta.org/lquintero firstname.lastname@example.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)
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.
Realtor Since 1996
Main Street Realtors
Short Sale Expert - I Can Prove it!
Brian Head, Realtor
Law Offices of Joel Feinstein
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.
In House lender