Home Buying in Davie>Question Details

Waylonn, Home Buyer in Davie, FL

We sold our house in 2009 on a short sale because of no work, laid off. we moved out of state. When will we be able to buy again.?

Asked by Waylonn, Davie, FL Mon Mar 14, 2011

My husband was laid off for 9 months and it got really bad. We were on time with our house payment. We spoke with our mortgage company and they told us step by step on what to do. We wrote a hardship letter and we qualified for short sale. My husband was offered a job in a different state. We couldnt afford our house payment and him living in a different state. So we moved and our house sold in 5 months short sale. We are trying to get preapproved to buy again, It will be 2 yrs in Oct 2011 since the house sold, The mortgage lender is telling us that a short sale is considered a foreclosure. But it didnt go foreclosed it went short sale. We did everything our mortgage company said we had to do. The mortage lender said we have to wait 3 years. I keep hearing a year an a half. I'm confused and dont know what to do. We are working and we are saving money. What do we do? We have been renting and now this house we are in just forclosed and we have only a month to7 months til

Help the community by answering this question:


There are several aspects of your question that you need to know. A short sale IS NOT the same as a foreclosure at least on the conventional side. On conventional loans, the rules say that you only have to wait 2 years if you are putting 20% down, 4 years if you are putting 10% and 7 years if putting less than 10%. On the FHA side is simply a flat 3 years whether it is a foreclosure or short sale. Now if you had been current in your mortgage at the time of the short sale, since you moved because of a job, you would have been able to buy immediately through FHA despite the short sale on your record. That is a huge difference compared to a foreclosure. All of the dates will start from the date the short sale showed up in your credit reports. You will also have to show that your debt was paid off in full with the short sale.

Aside from that you still have to meet the minimum score requirements of preferably 640 or maybe even 620. We can even go down to 580 but additional requirements need to be met. You also must have at least 3 tradelines(accounts) open and active during the past 12 months. Some lenders allow less. Call me if I can be of further assistance.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
2 votes Thank Flag Link Mon Mar 14, 2011
Here is a blog i wrote about fact on short sales.

I have helped people buy within 18 months after their short sale.
Web Reference: http://house-guy.com
1 vote Thank Flag Link Tue Mar 15, 2011
Some communities offer financing and will overlook a short sale or home foreclosure since so many people are in that boat! Rexmere Village & Paradise Village in the SW Fort Lauderdale town of Davie are two examples.
0 votes Thank Flag Link Tue May 17, 2011
The best thing to do is to call a mortgage boker to look at your credit history and score as well as your total income/expense ratio with your total down paymen to find you a mortgage. They may have some private lenders who has better lending ration to people with credit problems. If you can find a loan, you can buy a house. Also, check owner financed properties, too.


Sedat Celik, Realtor

0 votes Thank Flag Link Tue Mar 15, 2011
The 2 years is a guideline.....but for you to be qualify for a new mortgage, you will obviously have to go through the preapproval process again. It isn't just the number of years since the short sale but rather your credit-worthiness today that will be scrutinized.

Take a look at your credit score -- after your short sale, what have you done to fix your credit?

Did you try to pay off as many bills as possible and on time? Or were you in a pattern of delayed monthly payments to your creditors?

Did you pay down, or increase your debt?

Did your household income increase or decrease since the short sale?

It also won't hurt to get a second opinion from another mortgage lender to see what kinds of program you may qualify for.
0 votes Thank Flag Link Tue Mar 15, 2011
Dear Waylonn,

Two years from your short sale, you should be able to apply with a mortgage consultant and see where your credit is. Let me know if you would like a mortgage consultant to speak with you now to see where you stand, and I will provide you one.


Susan Penn, PA ,SFR, EWM Realtor
2000 Main Street, Weston, FL
0 votes Thank Flag Link Mon Mar 14, 2011
Hi, I respect Matt's answer, however..I'm a solution driven agent, that's why I'm suggesting different alternatives. Call me if you have questions.

Carlos Cardenas
Broker Associate
Keller Williams Commercial Realty
2000 NW 150th Ave suite 2000
954.707.0927 Direct
866.700.8169 Fax
0 votes Thank Flag Link Mon Mar 14, 2011
2 Years on a short sale, 5 Years on a foreclosure for FHA financing. The underwriters look at any delinquency over 90 days on a mortgage as a "foreclosure" when dealing with conventional lending. Provided that you keep all your other bills current and monitor your score, you should be back on your feet again soon.

Be careful when considering "special financing". You have been down a long, hard road. A house should be a blessing and not a curse. Think through those options carefully.

I wish you the very best,

Mark Atteberry, SG Priest Realtors
Personal Service, Exceptional Results!
0 votes Thank Flag Link Mon Mar 14, 2011
If you can get your credit back up over 620 with no late payments ON ANYTHING for at least the previous calender year, you will be able to purchase again 24 months after the date of your short sale with an FHA mortgage.

You will probably need a score over 680 to get a conventional loan.
0 votes Thank Flag Link Mon Mar 14, 2011
There are alternative ways of financing. Please contact me at your earliest convenience.

Carlos Cardenas
Broker Associate
Keller Williams Commercial Realty
2000 NW 150th Ave suite 2000
954.707.0927 Direct
866.700.8169 Fax
0 votes Thank Flag Link Mon Mar 14, 2011
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