Home Buying in 92251>Question Details

Win1978, Home Buyer in California, KY

can i buy a house after a short sale 1 year after score 700 now?

Asked by Win1978, California, KY Thu Jan 27, 2011

wanting to buy a house we make 70,000 only 500 on payments

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8
General rule is 2-3 years depending on the type of loan you sold short on before an institutional lender will consider you for a new mortgage provided you meet their other requirements.
Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
0 votes Thank Flag Link Fri Aug 23, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
0 votes Thank Flag Link Sat May 11, 2013
You will have to wait three years unless you had no mortgage lates at the time of the short sale you may be able to purchase after two years and extenuating circumstances. Your credit score is a good factor but income/asset/seasoning on the short sale is required.

Eric Chaney, Loan Officer
Lenox Financial
300 S Imperial Ave
El Centro, Ca 93343
eric.chaney@lenoxhomeloans.com
0 votes Thank Flag Link Fri Jun 15, 2012
It may be possible with a FHA loan. FHA looks at shorts sales two ways:

1) Short Sale without being in Default. This catagory is allowable to get a FHA loan right away according to FHA Guidlines, but the problem is lender's are imposing stricter lending criteria than what FHA will allow. So you'd need to find a lender who will play by FHA Guidelines. The FHA promulgation that explains their policy is web referenced below (Mortgagee Letter 09-52)

2) Short Sale being in Default (PreForclosure Sale). This is the catagory most short sales fall into where the borrowers have stopped making their mortgage payments and are facing foreclosure. In this catagory FHA will not lend for 3 years.

There is a bit more to the story than I have stated here, so check out the web referrenced FHA Mortgagee Letter 09-52 below. Good Luck!
0 votes Thank Flag Link Tue Mar 29, 2011
Hello Win1978 this is a follow up answer to your previous question, thank you for posting your questions on http://trulia.com

One lender I spoke with stated they have a 36 month waiting period after a short sale for FHA financing, typically associated with first time home buyers, however FHA can be used by existing home buyers as well.

For conventional loans, they follow a different schedule of terms with regard to short sales, as follows:

2 year waiting period after a short sale to finance 80% of the home sales price.

4 year waiting period after a short sale to finance 90% of the home sales price.

7 year waiting period for public record type actions, such as bankruptcy and foreclosure, including deed-in-lieu, etc however as with all lending programs these are only guidelines and depending on the circumstances, exceptions can be made.

As with anything, these guidelines may change in the future should mortgage companies and insurers become more flexible with their requirements.

Aside from down payment and/or closing cost requirements you should be fine, what do you have in mind?

Thank you,
Frederic Din, REALTOR(r)
http://getrealwithfred.com
http://ivbogz.com/get_real_with_fred
http://forsalebyfred.com
0 votes Thank Flag Link Sat Jan 29, 2011
Direct your questions to a mortgage broker who can review your credit application . Typically lenders require approx. 2 years since foreclosure or short sale approve any loan

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 28, 2011
Hello Win1978
I agree with Frederic.
Another suggestion would be to contact some good mortgage agencies and take a recommendation and pre approval from them.
They are experts in their field and would suggest you different programs they have.
You should contact more than one so you can compare the rates and programs each have to offer.
Please advise if you need help further on.
Thank you and Good luck!
Mona Goyal
760 Real Estate
Ph-760-554-1318
Email-monagoyal24@yahoo.com
0 votes Thank Flag Link Fri Jan 28, 2011
Hello Win1978, thank you for posting your questions on http://trulia.com

There are other factors that go into the equation, however based on what you're indicating, a strong FICO score and stable income of at least two years of the same amount or increasing amount of income.

Aside from down payment and/or closing cost requirements you should be fine, what do you have in mind?

Thank you,
Frederic Din, REALTOR(r)
http://getrealwithfred.com
http://ivbogz.com/get_real_with_fred
http://forsalebyfred.com
Web Reference: http://forsalebyfred.com
0 votes Thank Flag Link Thu Jan 27, 2011
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