Home Buying in Philadelphia>Question Details

mlaffan, Home Buyer in 19123

My credit score is 655 as I've had a short sale in early 2012.

Asked by mlaffan, 19123 Sat Nov 24, 2012

I have found a condo that is $645K and I can put $240K down on it. Does anyone in the Philadelphia area no of a broker that can find a solution to getting a mortgage?

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417,000 FHA condo is a hard,Loan. I have one lender that may look at this loan with
your senario
call me at 610-642-0347 Michael Cohen
0 votes Thank Flag Link Sat Nov 24, 2012
I have a mortgage broker that can help you with no problem. If you would like his contact information you can contact me at 267-228-3910 or remaxnicks@gmail.com
Nick Sylvestro
Associate Broker
Remax Access
0 votes Thank Flag Link Sat Nov 24, 2012
Hi M, I answered your question on Waterfront Square, but you never got back to me. If you would like to tap into my expertise, I would be happy to advise you. I can think of at least 4 mortgage bankers that may be able to do this.

I look forward to hearing from you soon.

Eric Axelson, Assciate Broker
Kurfiss Sotheby's International Realty
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Sat Nov 24, 2012
Like Joshua, I am dumbfounded myself why you were able to do a short sale with liquid assets on your hands.

Anyway, we don't have the details and true picture of your past situation. I am quite sure that someone in this forum can lend theirs hands to assist you.

Good Luck
0 votes Thank Flag Link Sat Nov 24, 2012
Forgive me if this seems like a dumb question, but if you have $240k to put down, why would you have had to sell short on your other place? Were you that far underwater that you could not pay the difference to get out of the property?

How were you able to convince the bank to allow you to sell short if you had that much money saved up?

Also, if your credit is really 655, did you truly sell short, or just take a loss? There is a big difference. Keep in mind, the score is not the be-all, end-all to whether you can be financed or not. The history BEHIND the score plays a large part as well.

To give you the most accurate answer, it would be helpful to know what the true situation was with your old property. I would be happy to discuss it further and have a mortgage professional take a look at your situation for you.

Joshua Stein, REALTOR®
Coldwell Banker Preferred - Conshohocken
Office:(610) 828-9558 * Cell:(215) 866-8030
Direct:(484) 270-1165 * Fax: (215) 999-5894

PA License #RS317975
0 votes Thank Flag Link Sat Nov 24, 2012
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