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.
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
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
Keller Williams Integrity First
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:-)
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.
Amerifirst Financial, Inc.
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?
I trust you reviewed these risk at the time of your short sale with a real estate attorney.
All the best to you.