Job loss is not considered extenuating.
Health issues not extenuating.
Extenuating circumstance is almost limited to death of a co-applicant on the mortgage causing a one time economic disaster and forced sale.
I have seen death of child, divorce and accidents all get declined as extenuating circumstance.
Lenders are standing firm on this.
With 10% down and extenuating circumstances you "may" be able to get conventional financing after 2 years.
Your first step is to find a qualified, licensed loan officer that will guide you on what you need to do to prepare for ownership again in the future.
If any lates: You may qualify conventional ONE DAY after short sale, foreclosure or deed in lieu with 20% down from a minimum 660 fico score. If any late payments you may qualify FHA ONE YEAR from a BK, short sale, foreclosure or deed in lieu. Here are some blogs such as Qualify FHA only 1 year from short sale, Which loan is right for me, Down payment and closing costs hurdles and Pre-approval in minutes.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
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Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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220000.00. I want to get a new loan with my daughter on it. We would share the payment and interest deduction. My lender turned us down because she has a two year old short sale on her record. She helped a friend buy a house and the friend stopped making payments when the market collapsed. Is there anything we can do?
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. Late payments are acceptable.
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 +
May you can get answer from them.
I happen to have a program specifically designed for this situation. It does require 25% downpayment but it can come from a gift. You can find more info on my website at http://www.HomeLoansByBrown.com or call me at 858-922-4709
Thanks and I hope to hear from you.
Unfortunately it is very difficult to get financing after a short sale, no matter what the circumstances were.
I recommend that you contact The Neighborhood Assistance Corporation of America. Their acronym is NACA.
NACA is a HUD approved non profit organization that will help you buy a home as soon as possible. NACA does not charge any money for it's services and in my opinion they are the best source of information to help you qualify for financing after a short sale.
As the other responders pointed out, it may take some time to qualify again, but you can do it!!!
I recommend that you go to the NACA website at: http://www.NACA.com for more information.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: firstname.lastname@example.org