If you can get a loan from Asia that is the only way you can buy as you did have mortgage lates during the short sale.
You should jump on the title of that property from the very beginning of that purchase. You will find it much easier to refinance to pay them back the original funds. This way it can be a refinance and not a new purchase.
If you are not on the title from the start, you will need to be added to title or purchase it from them and you will be subject to transfer tax and increase in sales tax.
My recommendation would be to contact a loan officer and explain your scenario to him so see what options are available after all details have been reviewed.
I'm also a loan consultant and based on what you have provided, I feel the most simplest route to go would be to see if your income alone would be sufficient to support the loan for the purchase price you are considering. This way you are able to get conventional financing with as little as 5% down depending on loan amount and your credit rating. As you have mentioned the current loan you are doing a short sale on is under your husbands name, the key here is to qualify you with your income and employment history. Unfortunately, you can not buy back your current home as it would be an ARMS LENGTH TRANSACTION and our husband based on conventional guidelines will not qualify for 2 years. You also have the option of FHA and HOMEPATH the government loan programs which allow you yo buy with as little as 3% down. So you do have a few option and should be talking to a seasoned loan officer for further details. Feel free to contact me if you would like to discuss your scenario in detail. 925-719-6568
GOOD LUCK! :-)
I hope this helps,
Rocky G.H. Hawrysz
Prudential California Realty
License No. 01468373
Without Question, Committed to Your Success!"
Speak to someone one on one who can review your entire financial picture...only then will you get a definitive answer.
Owner Financing - this limits which homes are available to you. You will need 10 to 20% down...
Buying your own home back from the bank is a non-armslength transaction and a bit tough to do..
Fact is... if you are now able to put 25 to 40% down... why not just call your mortgage company and catch up with the current payment and keep your home... That's what I would do... and if you cannot afford to keep up with the mortgage... either sell the home or lease it out..
Hope that helps.