Home Buying in San Antonio>Question Details

Rick, Renter in Roseville, CA

We are looking to purchase a home in the san Antonio area. We had a short sale on November 2011. We have been told we have to wait 2 years before

Asked by Rick, Roseville, CA Tue May 14, 2013

we can get another home loan. Can we start the buying process before that and get a loan at 2 years. Any help would be appreciated.

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12
cual es la posibilidad ' de comprar casa 'despues de tener yn foclosure; es any aidea; tiempo y cuanto down payment e needs;'
0 votes Thank Flag Link Wed May 15, 2013
cual es la posibilidad ' de comprar casa 'despues de tener yn foclosure; es any aidea; tiempo y cuanto down payment e needs;'
0 votes Thank Flag Link Wed May 15, 2013
There is only one exception to this rule that will allow you to purchase a home before the standard 3 year waiting period. I have closed using this exception.

Please call me at 210-789-2870 to find out how.

Thank you,
Jon Nichols
0 votes Thank Flag Link Wed May 15, 2013
Rick,

I have talked to my mortgage lender about purchasing a home after two years. It will take three. Sorry to bring this news to you. Also, there are no USDA loans, doing short sales any sooner either.
0 votes Thank Flag Link Wed May 15, 2013
It's a good idea to contact a mortgage lender early in this process. It seems that being involved in a recent short sale may have some ramifications to your ability to purchase a home - there may be some time limitations. It is important to know your buying status before you begin your house hunting.

As a Realtor, many of us have direct contact with lenders who are experts in this area. Working together as a team, we can get you the information you need to be able to go forward in your efforts to be in your new home.

Sue
0 votes Thank Flag Link Wed May 15, 2013
The answer depends on your situation. It is possible to move forward now. Please call me at 210-789-2870.

Thanks,
Jon Nichols
Nichols Home Lending
0 votes Thank Flag Link Wed May 15, 2013
The vast majority of lenders do require the 24 months after a short sale... You can work with a "Hard Money" lender.. they will require a big down payment, and the interest rates are less than exciting, but it can be done... then you refinance the loan on month number 25... I can point you in the right direction and send you a detailed list of homes..

You can also look into owner financing.. though the choices are pretty limited and you will need at lest 10 to 20% to put down

Jason
0 votes Thank Flag Link Tue May 14, 2013
Rick,

All depends on how that tradeline was reported and what your reported hardship was. I'm seeing some new short sale approval matrix'es coming down from some of our local lenders that are allowing clients to get back into an FHA 3.5% down mortgage after the 3rd anniversary date from the day it closed. That's key.

Also, your current open tradelines will certainly help with manual underwriting in the event you will need it once your 3 years are up. Let us know what we can do and how we can point you in the right direction.

We are seeing clients that we had worked with over 4 years ago that are now close to the green light with some of these terms met.

Let's see what we can do to point you in the right direction.

Respectfully yours,

Josh
The Tall Short Sale Guy
0 votes Thank Flag Link Tue May 14, 2013
Hi Rick,

Your short sale needs to not show up on your credit report for you to "usually" be able to get another mortgage loan. I have seen it take as long as 3 years and this was with folks that still had a very high credit score. I advise you to talk to a Loan Officer and see exactly what you can do before getting involved in purchasing a home.

Contact Bob Ainslie 210-863-5871 BAinslie@GoldFinancial.com . He is very familiar with folks that have short sales on their credit reports.

Make it a great week!
Priscilla
0 votes Thank Flag Link Tue May 14, 2013
Rick-

I can highly suggest that you talk to Vino Alonzo with Castle & Cooke Mortgage. He is currently helping out two of my clients with their USDA loans. He is very knowledgeable and has great insight.

I would be happy to help you find your next home. Please check through my recommendations for the thoughts of others that have worked with me previously.

I look forward to hearing from you soon

Gregory Touchstone
Keller Williams Realty
210-660-2834
gregory.touchstone@gmail.com
0 votes Thank Flag Link Tue May 14, 2013
I have a client that will do a lease purchase on there house if you're interested. Call me at 210-422-3775
0 votes Thank Flag Link Tue May 14, 2013
The latest Fannie Mae guidelines state that after a short sale, there is a mandatory waiting period of two years for a loan with an 80% maximum LTV (loan-to-value ratio), or four years for a loan with a 90% LTV.

The USDA loan program is a popular option for people who have had a short sale or foreclosure in their past because it is one of the mortgage programs with the shortest waiting periods and most flexible underwriting guidelines. The waiting period for a USDA loan after a short sale can be as little as 2 months in the right situation.

I would not start the conventional buying process until you can get approved for another loan. You may want to check into the USDA programs. Another option is to buy a home on a land contract. You make the payments to the owner for 2 to 3 years and then pay off the balance with a bank loan. This can also be a good way to build back credit.
0 votes Thank Flag Link Tue May 14, 2013
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