Home Buying in 33179>Question Details

Leorah Reiner, Home Buyer in Miami Gardens, FL

how long it will take me to got a mortgage again after a short sale 2012 on july?

Asked by Leorah Reiner, Miami Gardens, FL Wed Apr 10, 2013

I lost my house in short sale july 2012 I will able to buy house again fhs or hud

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BrokerAttorney.com’s answer
Leorah, I am a short-sale specialist in Miami and a REALTOR for over 20 years. The two years comments are generalizations. The best answer will be one you get from a lender and it will vary from source to source. Some say two, some say three, and when it comes time to actually getting a loan you will really find out who will work with you. A credit counselor could be a valuable resource, but only if you need to add that expense to get things straightened out. If you are fiscally responsible and can enjoy income and employment success, you can get back to being an owner without question. Builders selling new homes will have very aggressive financing resources in place, just be sure its a good deal. Seller financing might be a possibility at any time if you can field a large down payment. Whatever the case may be, just remember the basics, avoid consumer debt, save a down payment, build your credit score by protecting your credit. Find a great loan officer at a direct lender that wants to work with you, you'll get there in no time! BrokerAttorney.com Miami short sale specialist and mortgage attorney
0 votes Thank Flag Link Thu Apr 11, 2013
Great answer!!
Flag Thu Apr 11, 2013
Hello Leorah,

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!

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Wed May 28, 2014

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.
0 votes Thank Flag Link Fri May 23, 2014
You don't have to wait.....

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 +
0 votes Thank Flag Link Thu May 22, 2014
It may depend on your situation. If your short sale was caused by hardship reasons out of your control, there is a exception for those families to get back into home ownership in just one year. Your lender will know all the details on what it will take for you to qualify for this one year program.

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.
0 votes Thank Flag Link Mon Oct 21, 2013
I have been in the mortgage business for 21 years...it is typically 3 years from date of sale, however, if you have extenuating circumstances (medical issue, loss of job, etc.), we can sometimes get them closed after 12 months with a letter of explanation. Please check out our website http://www.titanhl.com or contact me if you would like to discuss your particular situation. Hope that was helpful!

Andy Wood
0 votes Thank Flag Link Mon Oct 21, 2013
Speak with a lender to find out your status. I have had clients that short sold get a mortgage for a new home in 2 years.
0 votes Thank Flag Link Thu Oct 3, 2013
It depends on the market conditions, and your credit and available money to put down. In under a year, it may be best to rent for the time being.
Web Reference: http://www.olgarubin.com/
0 votes Thank Flag Link Fri May 10, 2013
Honestly, I think it is difficult with less than a year of short sale . Even though you never know, be in touch with a good mortgage broker and find out about your current possibilities. Good luck, Maria Diaz Coldwell Banker, marilindiaz@gmail.com
0 votes Thank Flag Link Sat Apr 20, 2013
Two years minimum if you wish to go the conventional route. You also need to keep in mind that if stopped paying credit cards and/or other loans, that will continue to affect your credit until you settled the accounts or file bankruptcy. Best is to consult a credit counsel.
0 votes Thank Flag Link Thu Apr 11, 2013
Dear Leorah,

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.
0 votes Thank Flag Link Wed Apr 10, 2013
Approx 2 years, IF you re-establish income, show you can handle credit and financial responsibility. Depending on the finance programs at that time, circumstances, interest rates, effects of the Dodd-Frank Bill on lenders & lending, the Fed Reserve policies etc (which we all have little control over) you may be able to qualify for a new FHA or CONV loan but don't be surpirsed if you have to put up 10% - 20% down to get a loan, so start saving and becoming financially responsible.
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 ...
0 votes Thank Flag Link Wed Apr 10, 2013
It should be 3 years after all the proceedings were finalized. But it also only effects whoever was on the mortgage, so for example if your wife was not on it she would be able to buy. But no worries, millions and millions of people are in the same situation. You'll be able to buy in no time!

Louis Urbina
Real Estate Consultant for EWM
0 votes Thank Flag Link Wed Apr 10, 2013
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