Home Buying in Miami>Question Details

Gina, Home Buyer in Sandyville, WV

Options after short sale

Asked by Gina, Sandyville, WV Thu Jan 23, 2014

I would like purchase a home 4/3 33196,33193,33185. What are my options when I do not have the down payment and I am tired of renting. BTW, I had to Short sale my last home in June 2011.

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If you're tired of renting, then start saving for a down payment.....and work on your credit which most likely hasn't come back form the hit caused by the short sale.....

There is no easy road to home ownership for anyone - even more difficult if you just had a short sale in 2011 - make a plan and work towards attaining your goal.

Best wishes.........
2 votes Thank Flag Link Thu Jan 23, 2014
Time to start saving up and talk to a lender to see where your credit score is at.
1 vote Thank Flag Link Thu Jan 23, 2014
Not many if you don't have a down-payment....
1 vote Thank Flag Link Thu Jan 23, 2014
In South Florida it is very hard for the buyers that are looking to finance a property with a minimum down-payment to find one, no down-payment is unheard of!
Flag Thu Jan 23, 2014
TU for your succinct answer!!
Hi Yany!
Flag Thu Jan 23, 2014
Hi Gina,
Check with a local lender. FHA and USDA require the short sale be discharged for 2 years. In cases I have dealt with you are then required to have a significant down payment. Options for financing 5% down for Conv. finance, 3.5% for FHA (can be a gift from family). 0% for USDA and VA. These requirements may be different because of the short sale. Any credited mortgage officer can give you the options available to you. Hope this helps and best of luck to you.
0 votes Thank Flag Link Fri Jan 24, 2014
Christopher - it says you are a "Home Buyer" - so why are you giving advice as though you are a lender, and making it sound as though Gina will have little, if any, problem being approved for a loan?

Gina - beware of calling anyone on the internet who has no posted credentials that you can verify!
0 votes Thank Flag Link Fri Jan 24, 2014
I am a licensed real estate broker with years of experience. Google me or check me out with the state license board. I can help.
Flag Sat Jan 25, 2014
FHA has recently changed there rules on people with a short sale on their record. You may now be eligible to purchase a home. HUD has a $100 down program on homes in those zip codes. I personally live in 33185, and know the area very well. Also because you have been renting for over 12 months, you are considered a first time buyer and one of my banks has great programs. Please call/text me at 305-401-1587 to make an appointment and we can sit together and what is the best option for you. I will buy the coffee.
0 votes Thank Flag Link Fri Jan 24, 2014
If you would be willing to purchase a home in Broward county then you can get $10,000 down payment and closing costs assistance as well as a $2,000 a year tax credit on your tax returns. Otherwise you will need to save up about 7% of your purchase price for down payment and closing costs. Then the first step would be to pull your credit and see if your score is 620 or above. The short sale is old enough now but you still need to have a good history for the last 12 months as well as some current active tradelines. If you feel that is the case then contact me so I can put you in touch with my mortgage department. If you do not qualify then we can evaluate your credit and determine what steps you will need to take to qualify. There is no cost for any of this of course. Feel free to contact me with any questions, George.
0 votes Thank Flag Link Thu Jan 23, 2014
Hi Gina! Short Sale is okay. First step get your credit score yourself from Experian, Transunion, or equifax. Consult with a loan originator of your choice or I can certainly recommend some. Once prequalified you will learn your home shopping budget. Please review my blog-article tips for buyers to secure financing. Please feel free to contact me with any questions and assist you with your goal -homeownership"!

Jackie Nurse
First Service Realty
0 votes Thank Flag Link Thu Jan 23, 2014
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