Those are conforming loan guidelines, which is the primary type of conventional loan/what you see & hear advertised on TV & the radio.
FHA normally requires 3 years from the short sale, but can be OK with just 1 day afterwards if the mortgage payments were made on time within the 12 months prior to the short sale & you aren't looking to take advantage of declining market by purchasing a similar or larger home in the same area as you short sold. Since you were late on the payments leading up to the short sale you'll be looking at a 3-year wait for FHA financing.
Shane Milne | Lending in all 50 states | NMLS #81195
You only need a minimum 580 fico score to qualify FHA CHF Access which is only half percent down payment and can contribute towards your closing costs as well. Do you have down payment and closing cost saved? If not, This program may be an option. Rates for this program are in the 3%-4% 30 yr fixed rate and I can go over the program with you and provide a good faith estimate.
I specialize in Under 640 Fico Score Loans as well as offer credit repair to raise fico scores to qualify for better rate and terms if neccesary.
Here is a flyer, brochure and a needs list of docuements you will need to be approved. I only need to ask a few dozen questions to know what loan program choices that will benefit you the best financially. If you have any questions, feel free to contact me at any time. I work from 9am to 9pm 7 days.
CHF Access half percent down flyer, pdf
CHF Access half percent down brochure, pdf
Sheryl Arndt, standard needs list checked, pdf
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, Broker â€“ Sr. Loan Officer