Home Buying in 93308>Question Details

4bettina, Home Buyer in Bakersfield, CA

Short sold our home two years ago. We are looking at another home and are able to put 20 % down. We cannot find financing other than hard money.

Asked by 4bettina, Bakersfield, CA Sat Jan 26, 2013

A friend is willing to carry the home for two years, question how do we finance the home at the end of the two years and not have to put another 20% down?

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17
If you are looking to buy a home to live in, you should not be using hard money. hard money is to buy, fix and sell. Nothing good comes from hard money and buying a home to live in,.
1 vote Thank Flag Link Sat Jan 26, 2013
You can now qualify FHA ONE YEAR from a short sale, foreclosure, deed in lieu or BK. You may qualify FHA from a minimum 580 fico score and 3.5% down or as low as .5% half percent down payment program. You may qualify conventional 5% down with NO Mortgage insurance (Lender paid MI) from a minimum 620 fico score. If your fico score is between 500-579 you may qualify FHA 10% down. It only takes a few dozen questions to qualify and go over your options.

Your credit scores can be raised at no cost within 3-4 days in most cases to qualify for programs, rates and terms as necessary. Here are some blogs.

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

http://www.trulia.com/blog/under640ficoscoreloans/2013/01/wh…

http://www.trulia.com/blog/under640ficoscoreloans/2013/12/pr…

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 Sat Mar 1, 2014
I am a Direct lender in Bakersfield that also has the ability to broker to over 70 wholesale lenders and I process my own loans from start to finish. Conventional loans with 20% down requires 2 years from short sale so most likely you are ready now if everything else fits the guidelines. I also do not have "overlays" which restrict buyers from using Fannie, Freddie and FHA guidelines as written. FHA can be as soon as the next day if there was no late payments leading up to the short sale. If you have late payments it's possible to use the FHA "Back to work" program for 1 year waiting period if you don't fit the conventional 20% 2 year short sale waiting period.

Mark Barrett
661-544-8787
NMLS 279056.
0 votes Thank Flag Link Sat Mar 1, 2014
It takes three years after a short sale to get traditional financing.
0 votes Thank Flag Link Sun Aug 11, 2013
It is possible to buy a home if your credit is decent, even poor as long as you have a history of income from a steady job. Putting 20% down should allow you to find a private money lender willing to carry a long term loan. Call for more info if you still are in the market (800) 249-5827 leave a call back number. Thx
0 votes Thank Flag Link Sun Aug 11, 2013
I work for a direct lender with no "credit overlays." This means if you put 20% down you only have to wait 2 years. This is a guideline directly from Fannie Mae. As others have mentioned, many banks put their own "overlays" to protect themselves. Contact me for more information. We are NOT a hard money lender.

Cameron Harper
NMLS #300991
661-619-1610
0 votes Thank Flag Link Wed Jul 10, 2013
You may qualify with 20% down 2 years from a short sale. It only takes a few dozen questions to qualify you in minutes. Here are some links to study and consider that I offer.

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

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

http://www.under640ficoscoreloans.com/Pages/JumboLoan.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 Fri May 10, 2013
You need to go to the correct lender. I would try Guild Mortgage, they are very good. Even if you have good credit scores and have 20% what happens is the banks are adding what is called credit layering. This means that they are adding more requirements than what the federal government is saying a borrower needs in order to qualify after a short sale. Basically this all comes down to the fight between the banks and government and what the government wants to hold the banks accountable for. You will need some really outstanding debt-to-income ratios if you go with a major bank and then sometimes they just say no for whatever reason. By going to someone as I mentioned above you will be able to use the regular debt-to-income ratios that should be used.
0 votes Thank Flag Link Thu Jan 31, 2013
You are in luck! I just learned of the best solution b/c I was in the same situation as you. There is a company called Cove Financial will lend based on the following 3 criteria: 1) you have 13%-15% to put down on a home 2) you can demonstrate the ability to make monthly payments 3) you foresee being able to qualify for a load within the next 6 years. They don't care about credit scores, BK, or previous short sales.
Their website is http://www.covefinancial.com
my representative's phone number is (310)351-9942 - she's very helpful
Good Luck!!!!!!
0 votes Thank Flag Link Mon Jan 28, 2013
If you decided to go with your friend with an owner carry with 20% down, you would be able to qualify with as low as half percent down payment after the 3rd year after the short sale. Here are some more links to study and consider. It only takes a few dozen questions to qualify you in minutes and you will know all the answers to any questions you may have. In order to qualfiy for financing 2 years after a shortsale, you would need 20% down. If you waited the required 3 years after a short sale, you may qualify for as little as half percent down but you would have mortgage insurance on an FHA loan. Yes, you would need another 20% down if you wanted to buy with conventional financing with no mortgage insurance. I can go over the best financing to fit your needs RIGHT NOW with no mortgage insurance and you would own the home within 30 days on your own. Here are 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
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 Sat Jan 26, 2013
call my lender chasity goodson 661-343-8469
0 votes Thank Flag Link Sat Jan 26, 2013
Hello 4bettina, you may qualify right now for a mortgage with 20% down 2 years after a short sale. It only takes a few dozen questions to qualify you in minutes. You should atleast see what program, rates and terms you qualify right now to make an informed decision. The rates are still record low at this time and no one knows what they will be in a few years from now.

If your fico score is below the minimum 660 fico score to qualify for 20% down, 2 years after a short sale, I can raise your fico scores within 3-4 days in most cases. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for program, rates and terms. Here is a link to study and consider. I am available from 9am till 9pm 7days.

http://www.under640ficoscoreloans.com/Pages/Conventional.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
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 Sat Jan 26, 2013
Hi there,

If the lenders below cannot answer your questions or get you qualified I work with a company that will do it. You will just need 10% down and it will be a lease to own option for four years. You might want to explore all your options and find which is best suiting for you at this point. Please let me know if you would like me to connect you with the company I work with.

Jenny Cameron
661-703-6386
0 votes Thank Flag Link Sat Jan 26, 2013
The answers below have given you the information you need regarding the lease to own option. I would suggest entering a lease to purchase contract now, with the price and terms clearly laid out. How much of your rent payments will go towards your down payment at the end of two years? If in the next two years your credit is good enough to qualify for a loan, you could go with an FHA loan and only put 3.5% down. Actually, the friend would only have to carry it for another year. You can close escrow on a home 3 years and 1 day after your short sale was recorded. Good luck!! If you would like to speak with a lender that can give you sound advice, contact me and I will give you a name and number for a lender that had been in the business forever and is great to work with!

Valerie
0 votes Thank Flag Link Sat Jan 26, 2013
I can do it. Give me a call and I will go over the details of financing as long as your scores are high enough. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I can get you an approval today. It only takes a few dozen questions to qualify you in minutes... Here are some links to study.

http://www.under640ficoscoreloans.com/Pages/Conventional.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
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 Sat Jan 26, 2013
My recommendation is to sit down with a lender who can help formulate a clear plan for you to accomplish what you are trying to accomplish. The 20% down in the future is going to depend on your credability at that time. Regarding the friend carrying, is your friend requiring the 20% down? You could do a lease to own, those contracts are specific in the financing terms and condition, but you will need your credit at a certain rating after the lease option terms to refinance. Again, sitting down with a lender who is experienced and can help you gain clarity on your future is what I think you should do.
0 votes Thank Flag Link Sat Jan 26, 2013
First question. Why have you been turned down. Are thet requiring another year?
Second, you may want to do a lease to own on that home until you can qualify for a loan. Give them a couple of grand as a down.
Call Tiare at platinum Home Mortgage 246-6565 to see if she can help. Or call me for any questions. 303-0463 Steve
0 votes Thank Flag Link Sat Jan 26, 2013
1) Yes, they say another year.
2) I will attempt to do a lease to own.
3) Thank you for the contact information.
Flag Sat Jan 26, 2013
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