Home Buying in Buena Park>Question Details

kyn, Home Buyer in Buena Park, CA

i had a short sale in feb 2010, can i buy again with a conventional loan? My mid-fico is 733 and my income is documented and have no debt.

Asked by kyn, Buena Park, CA Fri Oct 5, 2012

fyi the second from my short sale is showing as a charge-off but we refi-ed for a better rate no cash out.

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Kyn, a minimum of 2 years is what is required on a short sale where there were late payments leading up to the short sale. You'll need 20% down, but if the short sale was due to documented extenuating circumstances (medical situation, an accident, death of a wage earner, etc.) then 10% down is permitted. At 4 years then 10% down is permitted no matter the reason for the short sale, extenuating or not. At 7 years then maximum financing is available (which currently requires 3% down).

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
1 vote Thank Flag Link Sat Oct 6, 2012
I can do an FHA loan one day after the short sale close date past 3 years. It is coming up in a fe3w months so get me an address so I can verify the date and email you a copy for your records. The 3 years is the earliest time frame unless you are a Veteran and did a VA loan and there is no shortage balance owed, then it is 2 years.

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 – Sr. Loan Officer
DRE# 01440252
NMLS# 297251
0 votes Thank Flag Link Wed Oct 24, 2012
We had late payments but only for a few months to qualify for the short-sale. At that time, banks were not approving ss without being late. Other than the mortgages, we had no other negative credit reporting EVER! We had to ss due to a layoff, but have been gainfully employed in the same industry for 20+ years.
0 votes Thank Flag Link Sat Oct 6, 2012
This is more of a question for an experienced loan officer. There are variables, were there late payments prior to the short sale, was the short sale due to a work relocation. I have been told 2 years FHA and 3 years conventional. However I don't think anyone is going to be able to honestly answer your question online. Consult the financial institute of your choice.
0 votes Thank Flag Link Sat Oct 6, 2012
In my particular area the waiting period is 3 years so in February of 2013 you should be good to go given the information posted + additional employment data.
0 votes Thank Flag Link Sat Oct 6, 2012
For a personalized answer, it's really in your best interest to consult with any licensed loan officer; don't just rely on online information....
0 votes Thank Flag Link Sat Oct 6, 2012
Yes, I had a client with the same situation, and the lady that helps qualify my buyers was able to get my client an FHA loan.
0 votes Thank Flag Link Fri Oct 5, 2012
Is an FHA loan the only loan available? We have 20%+ down as well. I'm not too well versed with FHA, are there many costs and restrictions involved with a FHA loan?
Flag Sat Oct 6, 2012
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