Home Buying in 95818>Question Details

Betty, Home Buyer in Sacramento, CA

Where do I start a new home buy after short sale?

Asked by Betty, Sacramento, CA Fri Dec 13, 2013

I did a short sale on January 2012. I did not have any late payments. I have one 30 day late Mark on a credit card from a banking error on 2/11. these are the only two negative items on my credit report. my credit score ranges between 660 and 710, depending on the agency. I thought I would have more options because I was never late on my mortgage, however, it sounds like my only options are 20% down after two years or FHA and three years. Also, I'm relocating from Bay Area to Sacramento. just want to know from the experienced folks here what my realistic expectation is. I don't know where to start.

Help the community by answering this question:


It is possible to buy a home immediately after a short sale under the right circumstances. Contact me privately to discuss details.
3 votes Thank Flag Link Fri Dec 13, 2013
The best first step to homeownership is to talk with a lender who specializes in home lending. You will need to choose a lender at some point so its the best place to start the home buying process. This simple step will allow you to know exactly where you stand now and what you need to do in order to secure a home loan again. Call/email me if you'd like a professional referral to a couple sincere lenders in the Sacramento area. Wishing you the best of luck Betty! Hyatt Simons, REALTOR | HyattSimons.com | 916-508-1891 | calBRE# 10889685 | Coldwell Banker
0 votes Thank Flag Link Sun Feb 2, 2014
Hello Betty,

I have experience helping folks who had a recent short sale with similar credit to yours. I may be able to help you purchase a primary residence with 20% down inside of a year or 1 day after. I would be happy to talk to you about the portfolio program we offer.

My website is listed below with my contact information if you would like to talk over the phone. We are also a direct lender.
0 votes Thank Flag Link Fri Dec 20, 2013
The best place to start is to talk with a mortgage broker. They would be able to tell you what you would qualify for and explain your options. If you would like a referral, there are a couple of great lenders that I've done business with before.

If you need any help with your home search, feel free to contact me. I've lived here for about 30 years and it's a wonderful place to live!


Jason Walter
REALTOR® - lic #01923240
Certified Public Accountant (CPA) - lic #103885
Hammer Real Estate Group
(916) 945-9243
0 votes Thank Flag Link Sat Dec 14, 2013
The first place you want to start is to speak to a loan officer to secure financing with your purchase. I would be able to get you a conventional 20% loan now or even a 10% down loan with no mortgage insurance.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Sat Dec 14, 2013
Hi Betty,

Everyone's short sale scenario is different and there are several factors that need to be considered before a lender can qualify you with a new home loan. Different lenders also have different programs and it could take 1 - 3 years depending on your specific scenario. The Mortgage Consultants Group has a "Life After Program" that helps homeowners who did a short sale, foreclosure, or bankruptcy. Feel free to give them a call to qualify.

Have a blessed weekend!

John Lanting
Real Estate Broker
eTernity Realty
0 votes Thank Flag Link Sat Dec 14, 2013
Hi Betty,

The 1st step is repairing your credit. I have gotten clients back into a home within a year of when I sold their home as a short sale. Others have taken up to three years. Once your credit is back to where it needs to be, banks will start to consider you for a loan. Sometimes local banks will help you sooner than the large national ones
0 votes Thank Flag Link Sat Dec 14, 2013
As others have said start with a mortgage broker ( or 2, s you will most likely get different answers depending on their investor criteria) They will pull your credit report, which is not the same one you and I see when we check our own credit, ask you about your reason for short sale and come up with a plan and options for you.
If you have to rent for a little while that at least gives you time to learn about Sacramento and what areas appeal to you the most.
Good luck
0 votes Thank Flag Link Sat Dec 14, 2013
Even though it shows "less than owed" --per your response to Elizabeth, I would recommend that you not be too distraught yet!! Check with a mortgage broker first. I thought there were some programs for short sellers 2 years after the sale.

An FHA loan is not that bad. Mortgage insurance can make the payment higher, but interest rates are low.

At least make some calls and find out. Might not be as difficult as you think. I recommend a broker (Like Elizabeth recommended Comstock), over a bank--usually more options. You can also call Evelyne Jamet at Vitek. 916-452-8800.

Even if the news isn't what you want to hear, she can at least tell you where you stand, and what to do next. GOOD LUCK!
0 votes Thank Flag Link Fri Dec 13, 2013
It sounds like you could qualify right now.

I no longer originate loans day to day. I do more consulting for Loan Officers.

Give me a call and I can help direct you in the right direction.

Look forward to helping you,

Jamie Collins
0 votes Thank Flag Link Fri Dec 13, 2013
The best thing would be to start with a Mortgage Professional! Depending on your situation there are newer programs out there allowing for folks to get back into homeownership even sooner than 2 years. The lending world is always changing with new programs coming out all the time! Not to mention there are many portfolio programs different institutions offer. I can put you in touch with someone if needed.

Jake DaRosa
The DaRosa Team - Keller Williams Realty
Broker Associate
916-402-5786 Call or Text
0 votes Thank Flag Link Fri Dec 13, 2013
You should start with à morgatge banker contact Heidi Barnes @ heidibarnes2010@gmail.com
Or contact me @ heathercoxrealestate@gmail.com
0 votes Thank Flag Link Fri Dec 13, 2013
You should definitely start with a lender or mortgage broker so they can assess your situation. I can put you in contact with one if you like, you can contact me at 916-529-3707
0 votes Thank Flag Link Fri Dec 13, 2013
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