Home Buying in 92563>Question Details

Chris Blasic, Real Estate Pro in Murrieta, CA

Looking for a lender that can finance 2 years after a short sale instead of three. Had mortgage lates prior to the short sale.

Asked by Chris Blasic, Murrieta, CA Wed Feb 13, 2013

Can do FHA or Conventional 10 percent. Ficos mid to high 600s.

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Answers

17
Conventional will allow after 2 years with acceptable extenuating circumstance ie;death or job transfer.
Otherwise will want 20% down and 2 years from date of occurrence.
FHA requires three years.
VA 2 years.
Make sure you get yourself FULLY PREapproved with Valli's program as two of us have now said it is not doable with 10% and we all underwrite to the same FNMA standards on conventional files.
1 vote Thank Flag Link Wed Feb 13, 2013
You don't have to wait.....

We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score.

This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA . Loan amounts up to $4 million +
0 votes Thank Flag Link Thu May 22, 2014
FHA 'Back to work' program may work for you -

Kevin McLaughlin, Broker Owner
Berkshire West Realty
info@BWestRealty.com

http://www.BerkshireWestRealty.com
0 votes Thank Flag Link Sun Apr 6, 2014
An extenuaring circumstance or Economic Event is any occurrence beyond the borrower's control that results in:
A 20 percent or more reduction in a borrower’s Household Income for a minimum period of six months resulting from a Loss of Employment, Income or a combination of both. An Economic Event includes the following definitions:
• Onset of an Economic Event: The month of loss of employment/income.
• Recovery from an Economic Event: The re-establishment of satisfactory credit for a minimum of 12 months.
0 votes Thank Flag Link Wed Apr 2, 2014
Hi Chris

I know New American Funding does financing 2 years out of a short sale if you take classes for 30 days. Best of luck, Tom Bashe. 951.491.5052
0 votes Thank Flag Link Mon Jan 27, 2014
Chris, You may qualify ONE YEAR from a short sale. Here is the mortgagee letter regarding the back to work program extenuating circumstance due to the economy in the blog or link below. It only takes a few dozen questions to qualify in minutes from a lender whom offers the loan programs.

http://www.trulia.com/blog/under640ficoscoreloans/2013/08/qu…

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
http://youtu.be/MrygA2_8fAY
If my response was helpful, consider clicking thumbs up or Best Answer!
0 votes Thank Flag Link Fri Dec 6, 2013
Here is a summary of FHA's new Back to Work program to help borrowers qualify sooner after short sale, foreclosure, or bankruptcy if they had an acceptable economic event that caused the incident.

Review this ==> http://homeloanartist.com/2013/08/fha-economic-event-extenua…

This program has a lot of hoops to jump through but it can be done if they meet the guidelines FHA announced.
0 votes Thank Flag Link Wed Dec 4, 2013
Hello Chris, you may now qualify ONE YEAR from a BK, short sale, foreclosure or deed in lieu if it was caused due to the economy. You may then qualify from a minimum 580 fico score and 3.5% down or as low as .5% half percent down payment program. If you fico score is between 500-579 you may qualify FHA 10% down. Credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. Here is a blog.

http://www.trulia.com/blog/under640ficoscoreloans/2013/08/qu…

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
http://youtu.be/MrygA2_8fAY
If my response was helpful, consider clicking thumbs up or Best Answer!
0 votes Thank Flag Link Wed Dec 4, 2013
CFS Mortgage, http://www.cfsflex.com, has a flexible loan program. They allow a mortgage after a foreclosure, short sale, or chapter 7 bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes Thank Flag Link Sun Jul 28, 2013
Hi Chris,
I would be happy to try to assist you with your home purchasing needs. We have several programs at Northpointe designed to help buyers obtain financing after a short sale. Give me a call at your convenience.

Regards,
Julie A. Horvath
Northpointe Bank
Area Manager
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
866.901.3570 phone
740.602.3320 mobile
866.901.3571 fax
0 votes Thank Flag Link Thu May 2, 2013
I've gotten several FHA buyers approved to buy again 2 years after they have done a distressed short sale with 3.5% down payment due to extenuating circumstances.

Just last week I closed a 'boomerang' VA buyer 14 months after they did their short sale.

See the web reference link below for more details on allowable extenuating circumstances.
0 votes Thank Flag Link Thu May 2, 2013
Hello Chris,

Check out my profile and you will see I have helped many people who have had a previous short sale. Depending on what's your time frame it could be sooner than you think. I would be happy to guide you through the process, whether you need credit counseling or just the road map getting yours ducks in a row. I work with some the leading Realtors in the area, most of which know me for my knowledge and experience and specifically dealing with the post short sale buyer. Read my blog below and feel free to contact me if you have any additional questions. Also, check out my Recommendations, you will find many buyers that I have (against all odds)helped get back into home after a short sale.

Take care,

http://www.trulia.com/blog/george_raymondo/2011/04/can_i_buy…
Web Reference: http://www.AFN-loans.com
0 votes Thank Flag Link Sun Feb 17, 2013
Hi Chris - I assume you are looking for one of your clients - Contact me and I will get you in touch with local mortgage pros who will help you find the right program.

Kevin McLaughlin, Broker Owner
Berkshire West Realty
Murrieta, CA
0 votes Thank Flag Link Sun Feb 17, 2013
Chris, it all depends on the circumstances of their short sale. You can buy another home the next day after a short sale if you had no lates on your mortgage and were re-locating to another city. It only takes a few dozen questions to qualify them in minutes. A Broker without an NMLS license can not quote them rates and terms of any loan programs and can not get you 5% down 2 years after a short sale without a death in the family household wage earner or something like that. They may qualify for as low as half percent down 3 years after a short sale/foreclosure with a minimum 580 fico score. They would need 20% down 2 years after a short sale without extenuatiing circumstances.

(Attn: Valli Lopez: I looked up your license and YOU ARE NOT A BROKER and NOR DO YOU HAVE A NMLS license to be authorized to do loans so be careful as what you say and post as your Salespersons license can be suspended or other discplinary actions. The DRE is watching.)

They may qualify with a minimum 620 fico score for 5% down conventional with NO Mortgage insurance (Lender paid MI) after 3 years from a shortsale or foreclosure and 2 years from a BK. You may qualify for 3% down with a minimum 700 fico 3 years after a shortsale/foreclosure. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms as necessary. I can raise fico scores within 3-4 days in most cases.

Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/JumboLoan.aspx

http://www.under640ficoscoreloans.com/Pages/StatedIncome.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Wed Feb 13, 2013
What is your price range?

Which city are you looking to purchase in?

dwillms@gte.net
RE Broker 01192011
951-326-6410
0 votes Thank Flag Link Wed Feb 13, 2013
Hi Chris,
I am a broker and can do the loan FHA or conventional 5% down no MI, so long as they haven't had lates for 2 years. I am confident with this since I just closed a loan with that same scenario in November.

Call me.
619.916.9595 cell
Valli@thebrikhogroup.com
Web Reference: http://Www.valliLopez.com
0 votes Thank Flag Link Wed Feb 13, 2013
(Attn: Valli Lopez: I looked up your license and YOU ARE NOT A BROKER and NOR DO YOU HAVE A NMLS license to be authorized to do loans so be careful as what you say and post as your Salespersons license can be suspended or other discplinary actions. The DRE is watching.) Be Careful...
Flag Wed Feb 13, 2013
Hello Chris, You will need a minimum 620 for 25% down and minimum 660 for 20% down 2 years after a short sale. It only takes a few dozen questions to qualify you in minutes and go over your options and put together a game plan. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I can raise fico scores within 3-4 days in most cases. Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Wed Feb 13, 2013
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