Home Buying in Phoenix>Question Details

Valpo2003, Home Buyer in Phoenix, AZ

i short sold my home over 1 year ago (Feb 2010) ,can i buy with 20% down and credit score in the 700s?

Asked by Valpo2003, Phoenix, AZ Sat Apr 9, 2011

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Propbably, but please speak with a local lender. I recommend Paul Volpe with Nova Home Loans.

They can tell you where you are at, what your pre-approved limit would be, and show you on a mortgage calculator what a mortgage for X amount would cost you per month.

Buying a house should be an exciting and educational process, there is a lot of inventory there in Phoenix, find a local agent or Realtor to help. Best of luck.
1 vote Thank Flag Link Sun Apr 10, 2011
Hi Volpo 2003,

Here is a a link to answer your question: Quick Guide for Waiting Periods - http://www.trulia.com/blog/roswell_moore_cmps/2011/01/how_lo…

You mentioned you had one 30-day late on your mortgage & because of that, it is my understanding that you will have to wait two years for a convectional loan with 20% down, or wait 3 years for an FHA loan. If you didn't have the late payment & you had extenuating circumstances, there may have been a chance to get a new FHA loan as is stated below.

Please feel free to contact me if you have any other questions, I'd be glad to help.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA (w/a 580 score), 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
0 votes Thank Flag Link Sat Apr 9, 2011
You might want to consider finding a lease purchase on a home or a seller carry back as well. You would initially lease the home with the intentions of buying it maybe a year from now when you can qualify. There are different ways to structure the deal. Part of the money you pay on the lease can get credited towards the purchase price of the home or your down payment. My partner and I have done some recently and they have worked for both the buyer and seller. Especially if a seller is having a hard time selling there home, they open it up to additional buyers this way.
Best regards,
Lorrie Feld
Keller Williams Integrity First
0 votes Thank Flag Link Sat Apr 9, 2011
Yes! People that are a bit credit challenged are common these days. I know of both traditional and private lenders that will make loans to people that have had a short sale in their recent past. Call me! Phil Bianco - Realty Executives - 480-892-6830.
0 votes Thank Flag Link Sat Apr 9, 2011
It may.. but keep in mind a co-signer is mainly used to help a person qualify income wise. The 1st hurdle is the short sale. Reach out when you have time to discuss.

Talk to you soon
Web Reference: http://www.imortgageaz.com
0 votes Thank Flag Link Sat Apr 9, 2011

I might be giving you a call. Could having a co-signer with great credit help in getting a loan as well?
0 votes Thank Flag Link Sat Apr 9, 2011

I have approved many of these type transactions… Each with different circumstances even with a 30 day Mortgage late. Give me a call to discuss

Steve (602) 622-7469
Web Reference: http://www.imortgageaz.com
0 votes Thank Flag Link Sat Apr 9, 2011
Thanks again for all the information. I will be contacting some people for advice.

This may be the silliest questions but....

1. What is a conventional mortgage and do many places offer these?
0 votes Thank Flag Link Sat Apr 9, 2011
How Long After to Get a Home Loan
as of: 11/29/2010
Short Sale FHA 1 day/3 years** Conventional 2 yrs.***

**The following Short Sale rules apply for FHA:
1) If Borrower is not late on any credit items; AND they are not Short Selling a
HUD loan, they only have to wait one day after the close of the Short Sale.
The test is given: Was the transaction completed to take advantage of declining
market conditions? Was a similar or superior property purchased
within a reasonable commuting distance from the original property?
3) If Borrower is Short Selling a HUD loan or is default on the subject mortgage,
they must wait 3 years.

***For Deed-in-Lieu or Short Sales, 2 years if LTV is 80%: 4 years if LTV is 90%, 7 years,
all other cases .

Hope this is helpful:-)

Michelle Hamilton
0 votes Thank Flag Link Sat Apr 9, 2011
It depends what type of loan you had (Conventional, FHA, VA), it also depends if you were late on a payment. If you were late on a payment then you must be on time for at least one year and be past the short sale by 3 years.
You may want to consider a hard money loan if you have really found a home you cannot live without. As for a deficiency judgement, if the house was your primary residence then you will probably not have to worry about deficiency since Arizona is an anti-deficiency state.
I have a not so hard money lender if you want to talk about your situation.

Matt Puzz
Amerifirst Financial, Inc.
Web Reference: http://www.mattpuzz.com
0 votes Thank Flag Link Sat Apr 9, 2011
Thanks for the quick responses...

I was told to miss a payment in order to get the short sale to go through. It is the only payment I ever missed. I don't have any d. judgements against me. I recieved both 1099 Cs for both accounts and recieved a letter saying they won't come after me as well.

I read on some blog about a "2nd Chance Mortgage" but not sure if that is really out there. My credit score is still in the 700s after over a year and qualified for a new car purchase with a very low interest rate...Would it work at 2 years time then?
0 votes Thank Flag Link Sat Apr 9, 2011
You should talk with a lender. I've heard they want you to wait 3 years. Also make sure you understand any details of your short sale. If your previous lender has a deficiency judgment reserved they may attach to you a lien and create a problem for closing. Tread carefully, especially with removing contingencies in any contract (if a lender will loan to you). Liens can pop up just before funding.

I trust you reviewed these risk at the time of your short sale with a real estate attorney.

All the best to you.
Web Reference: http://terrivellios.com
0 votes Thank Flag Link Sat Apr 9, 2011
You might with a conventional mortgage - it is too early for the FHA guidelines. It is going to depend on the investors guidelines on that particular mortgage product. Is the short sale showing up on your credit report? Did you short sale without going into default (Im guessing probably yes)? That is a quick recovery.
0 votes Thank Flag Link Sat Apr 9, 2011
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