Home Buying in 33990>Question Details

Jlminaz, Both Buyer and Seller in 85297

We live and own a house in AZ. My husband has has been offered a job in ND. We will have to short sell our home. Will we be able to buy in ND?

Asked by Jlminaz, 85297 Wed Jun 15, 2011

We have owned our home for 10 years and like many home owners, our home in AZ is worth less than what we owe on it. We are relocating to ND for a job and will have to short sell our home. We have considered renting in ND but we have 4 children and 2 small dogs, so we need some space and the only rental options I have found are apts. What are our odds of being able to purchase a home in ND right away if we have to short sell our home in AZ.

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6
Jiminaz, A job relocation is a very valid reason for a short sale. First, if you are certain you will relocate, prepare to list your house for sale in Arizona and communicate with the current lender. Second, talk to a lender in the area of North Dakota you plan to live. Don't let someone talk you into using a lender outside the area. They may require you qualify for both mortgages and you will need to be current on the existing mortgage and have credit scores and income necesaary for the new mortgage. If the relocation is your present employer it will fare much better than a "new" job. An FHA or Veterans Loan (if the primary borrower is a Veteran) would be your best choice for a good rate and low down payment.
2 votes Thank Flag Link Wed Jun 15, 2011
Hi Jiminaz-
If you can qualify for a mortgage on the home in ND as a second home, this could work. You would have to continue paying on the home in AZ until you get the mortgage and close on the home in ND.
Once you short sale a home, you cannot get another mortgage for minimum 2 years if it is FHA and longer for conventional mortgage.
This is called a strategic default.
Carolyn
1 vote Thank Flag Link Wed Jun 15, 2011
Most lenders will allow you to purchase as long as your payments stay current during the short sale process. A relocation is certainly an acceptable hardship for a bank to accept a short sale.

Contact a CDPE or other experienced short sale specialist in your area to discuss your options and talk to your lender. Keeping in touch with your lender and working with them is a very important part to getting your short sale processed in a timely fashion.

i wish you luck and congratulations on your new adventure!

Danielle Sharp
Web Reference: http://www.mysharphomes.com
1 vote Thank Flag Link Wed Jun 15, 2011
Hi
With regards to your Question I work for a National Lender and based on your situation you would most likely meet the acid tests. Job ouside of current area and current over last 12 months on your current mortgage.
FHA will be the best program if you meet other standard FHA Guidelines.

Good Luck!
0 votes Thank Flag Link Mon Jun 27, 2011
I would recommend that you contact your lender and request consideration for HAFA using job relocation as a reason. Depending upon your situation, you could qualify for relocation assistance.
0 votes Thank Flag Link Wed Jun 15, 2011
You should speak to a lender and see if you qualify for a loan while still owning your AZ home. Thats the first step.


jessemcgreevy@gmail.com
239-898-5329
http://www.Bonita-Estero-RealEstate.com
0 votes Thank Flag Link Wed Jun 15, 2011
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