Many people had to go a short sale route when the market collapsed.
The best way to consult a very good mortgage broker (they have more products then a large bank with rigid underwriting guidelines), run a credit report and see what comes up in it.
Some short sales (SS) were reported. Others were not.
Reporting also was different.
Based on what you find out, you'll know how much money you'll need to come up with.
Some closing costs could be paid by the seller (if the seller agrees).
Best of luck!
Beachfront Realty, Inc.
If you are thinking of buying a place you should start looking already. I just recently closed on a house for customers of mine who got a loan because their short sale had been two years ago. They got the loan through a regular bank and the holding period they required was only two years.
Feel free to contact me should you have any questions or need help finding your next home.
We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score.
This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA . Loan amounts up to $4 million +
The a new program out there for first time home buyers ( or those who have not owned a home in the past 3 years) that will allow them to write off 50% of the Interest over the life of the loan. This one program can save you $100,000 over the life of the loan, again if you qualify.
So the first step is get a checkup with a mortgage broker to see what is available to you. Then call your agent to help you find the house that will match your needs.
It's possible to get FHA financing if you weren't late on the mortgage payments. If you were late you will have to wait at least 2 years for conventional with 20% down and 3 for FHA with 3.5% down.
If you need assistance on getting a mortgage and searching for property, please contact me directly.
We work with the largest portfolio of banks, we will get you preapproved very fast and I will also assist you on finding you the best property. All services for buyers are free.
Restore your credit and replenish your bank account, tighten your belt, do whatever it takes and call me I can help with all this and from personal experience ... for sure.
If you need anything further please feel free to call me during normal business hours at the contact info in our website link below. And please also send your email address and phone number, I'll be excited to help you with all your real estate needs and honored for the business opportunities.
Oh, and BTW it depends on the terms, conditions, final results and your hardship circumstances surrounding the Short Sale ...
Real Estate Consultant for EWM