Home Buying in 34117>Question Details

clrivera1, Home Buyer in 34117

Looking to buy a foreclosed home but I am being told that I am not eligible for financing since I short sold my home in July2012 :-(

Asked by clrivera1, 34117 Tue Oct 30, 2012

The home is priced by the bank at 128K and we have 50K plus closing cost.?Both my wife and I have decent credit and long term jobs and a combined income of 85k a year?

Thx

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Answers

14
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Carlos,

It will be very hard to find a loan under the 8% range after a SS if there were lates within the 12 mo. leading up to.

Contact me if 30% down with a rate in the upper 8% range will work for you.

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1 vote Thank Flag Link Fri Nov 2, 2012
Answer below; must wait 3 years for FHA; however, I have a lender you might want to talk with who is very good at what's available. KathyBC 800-448-3411 ext 601) Call me and I will set an appointment. (11/2)
0 votes Thank Flag Link Fri Nov 2, 2012
Most of the lenders are requiring at least a 3 year wait after the short sale before they will approve you for a loan. As others have mentioned you can ask for an exception and depending on your specific circumstances with the short sale you may be able to get it.
0 votes Thank Flag Link Thu Nov 1, 2012
You can ask a lender for an "exception", but if that fails, you can always get "hard money" since you have quite a bit of money to put down. Hard money comes at a fairly high interest rate, but after the 2 year mark, you can refinance at a more reasonable rate.

Good Luck!

Margaret Hassani
Broker, Lightning Realty
Phone/Text: (813) 766-1501
Email: Marg@tampahouse1.com
Website: http://www.TampaHouse1.com
0 votes Thank Flag Link Thu Nov 1, 2012
Good answer below...KathyBC1@comcast.net (10/31)
0 votes Thank Flag Link Wed Oct 31, 2012
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If you had late payments in the 12 mo. leading up to a SS, you'll need to put a Min. of 25% down, BEST CASE

Buying now you’ll be on your way to accomplishing this:

1. Purchasing now before prices get too much higher, recovering lost equity in prior home
2. Purchase a $300k Florida Property that was likely once approx.. $400,000
3. Re-Establishing your credit quickly, in effort to then refi asap while rates are still low into a NON FHA loan (without 1.75% FHA MIP and monthly MI)
4. Retain as much income possible thru Interest Write Off / Tax Savings during the time you’re re-establish credit
5. Move once vs. multiple times as renters
6. Quality of life of owning your own home
7. Obtaining Tax Free home equity as prices go back up.

Alternative?

1. Rent for 3 or 4 years while rates home prices increase, missing out on Tax Free appreciation and low rates
2. No Interest Tax Write off, pay more to the IRS from income while paying increasing rent
3. Miss out on re-establishing good Mortgage Credit
4. Become like a Nomad, dealing with the all the hassles and costs of moving multiple times

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0 votes Thank Flag Link Wed Oct 31, 2012
Thanks everyone.

At least there is a little hope. We unfortunately fell in between the red tape in BOA and Country Wide.

It took almost four years and the involvement of a political figure to settle the SS in July of this year.

Other banks to include BOA should make exceptions to certain cases????

I guess we will be doing further research and explore finance options if available to us.
0 votes Thank Flag Link Wed Oct 31, 2012
FHA now has a program for allowing new loans for consumers who have previously had a short sale. The lender would still need to make an exception to their policy (normally at least 2 years in this area)in order to do the FHA, but some are approving the exceptions . If you'd like a name of someone to check with, contact me directly and I'll be happy to provide a resource. If what you're saying is true, that you have good credit aside from this, you may be a good candidate. However, I do not know if this FHA program has a waiting period and July, 2012 is fairly recent.
0 votes Thank Flag Link Wed Oct 31, 2012
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With enough down Bank financing can be obtained after a SS in the 5% range all over FL depending on a few factors,.

Contact me and I'll tell you the guidelines.

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0 votes Thank Flag Link Wed Oct 31, 2012
Helpful responses thus far. With a solid down payment such as what you have, we have cost effective private money available. Happy to discuss further with you at your convenience.
Regards,
Stuart Kaye
Kaye Realty, Inc.
Direct- 239 777-7815
0 votes Thank Flag Link Tue Oct 30, 2012
HOW LONG AGO DID YOU SHORT SALE YOUR HOME AND WHERE ARE YOU LOOKING TO BUY ?
LEANN ANDERSON
LEANNNAPLES@AOL.COM
DIRECT-239-777-1823
0 votes Thank Flag Link Tue Oct 30, 2012
My area has a 3 year waiting period...
0 votes Thank Flag Link Tue Oct 30, 2012
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Short Sale Forgiveness Programs are now available in FL for those who have recently gone through a Short Sale. These programs allow borrowers to Re-Establish Mortgage Credit quickly, Recover lost equity by purchasing at these low prices and take advantage of Interest Write off Savings too!


80% LTV-Stated Income Alt
80% LTV-FIX n’ FLIP Invest. Prop. – No min. credit score!
75% LTV-Stated Income Alt to Mega Jumbo

75% LTV-Foreign Nationals-Stated Income Alt to Super Jumbo
75% CLTV-NEW- after Short Sale, BK or Foreclosure to Super Jumbo

70% LTV-Soft and Hard Money-Stated Income Alt to Super Jumbo

Contact me 24/7, I actually return calls and emails.



Steve McRory

Pro Option Mortgage/ Florida

steve@pro-option.com


http://WWW.PRO-OPTION.COM


Ph: 888 662 4404



Prior Service U.S. Marine Corps
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0 votes Thank Flag Link Tue Oct 30, 2012
You won't be eligible for a minimum of 2 years unless you go the route of private money (which is much more expensive usually).
0 votes Thank Flag Link Tue Oct 30, 2012
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