Home Buying in 89122>Question Details

Rafael, Home Buyer in 89122

i short sold my home 1 year ago ,can i buy with 20% down

Asked by Rafael, 89122 Sat Apr 2, 2011

Help the community by answering this question:


I have a great alternative to hard money. With 20% down, depending on your FICO you would be looking at rates between 7.95%-12.25%. The cost is minimal as compared to Hard Money. Call me today for your free quote. I look forward to hearing from you.

Check me out on the National Real Estate Post and get your clients an approval today!


Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Sr. Mortgage Loan Originator
City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com http://www.city1stlasvegas.com
Company NMLS # 3117 | Branch NMLS # 819501
Individual NMLS # 377217 NV #46175
0 votes Thank Flag Link Thu Feb 6, 2014
Hard money is probably your option
Contact Darren
(702) 493-1924
First cal financial for all options
Web Reference: http://Www.mayteamlv.com
0 votes Thank Flag Link Mon Sep 23, 2013
I am from the finance side and we just rolled a new program out last week via an FHA loan that will allow you to purchase one year out. Also, you can do this without the full 20% down.
We will give you an underwriting approval without a property selected to make sure of how much you are approved for before you submit offers.

Michael Diaz
0 votes Thank Flag Link Mon Sep 23, 2013
Rafael - The short answer is yes. A new program was recently introduced (February) called the 2nd Chance program which is specifically for people who have either had to short sale their home or lost it to foreclosure. The guideline is to be a year from the short sale date (or more) and for a down payment of 20%. The loan is manually underwritten to guidelines very similar to FHA so we want a good employment history of 2+ years and we will want to see 2 months bank statements for all accounts, the most recent 30 days of paystubs, the last two years of W-2s and tax returns and your credit report. We submit that package to the underwriter who will then provide an approval if everything fits and you will then be able to shop for a home with a FULLY underwritten approval in hand. FHA's requirement for short sales is 3 years and conventional financing requires 4 years.
The rate on this program is fixed for 30 years and is slightly higher than FHA and conventional rates; currently they are around 5.75%. Let me know if I can assist you.
0 votes Thank Flag Link Wed Apr 6, 2011
The first question on any contact with a lender What is your income? What are your expenses? What is your FICO score. You need to have documentation. You can obtain FREE your credit report on your own, and it will make clear if you are even close to buying another home.

David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...selling 20% below market
not a real estate agent. ask for 10% down investor financing
0 votes Thank Flag Link Sun Apr 3, 2011
Hello Rafael,
That is a good question that a reputable lender can help you with. I work with a few different lenders that can help you. I also live in that zip and I am very familiar with the inventory available here.
If I can be of more assistance please give me a call or shoot me an email.
If you or someone you know needs to sell their home because they owe more than it is worth, contact me for free info. I will list and short sell your home for free!*
*some restrictions apply.
Web Reference: http://www.JJLVRealtor.com
0 votes Thank Flag Link Sun Apr 3, 2011
Lalo Effio | Branch Manager

1333 North Buffalo Dr., Ste 190 | Las Vegas, NV 89128

Office (702)228-2889 | Fax (702)951-5059 | Cell (702)234-9958

Call Lalo and ask all the financing questions you want answered:)
0 votes Thank Flag Link Sun Apr 3, 2011
Hi Rafael, As a real estate professional, I like to provide you with the most accurate up to date information-
My recommendation is that you contact my lender who is up to date with the loan programs for borrowers that have conducted a short sale-

If you have 20% to put down we might be able to find you a propery where the seller is willing to carry the loan, up to 5 years, then you refinance. You can call me regarding those properties- 702-491-9601 or paulmay@mayteamlv.com -

Please email or call Jacques Desrochers with Bank of America-- 702-219-1300- or email jacques.desrochers@bankofamerica.com
Web Reference: http://www.mayteamlv.com
0 votes Thank Flag Link Sun Apr 3, 2011
I don't know how anyone can give you a yes or no answer without knowing your FICO score. If your FICO is low like 500, the answer is NO. I hope it is higher than that, but it will make the question relevent with your score

David Cooper Las Vegas Foreclosure Investor in Bank Owned Houses with Cash Flow selling 20% below market. Freee List Call +17024997037. not a real estate agent
0 votes Thank Flag Link Sat Apr 2, 2011
Hi Rafael,
To answer your question: Yes!
I have a list of many properties you can buy for 20% down, some are even in your zip code.
Call or e-mail me and we can set up a time to discuss your situation, your needs and tell you about the program.

Rick Ream - Realtor ®
Coldwell Banker, Wardley Real Estate
7670 W. Lake Mead Blvd #100
Las Vegas, NV 89128
0 votes Thank Flag Link Sat Apr 2, 2011
That is a Great Lender Question. I usually don't get into the Lender's Arena. I do have a great lender that Dave Fahrny and I have worked with for over 11 years. Her Name is Dorothy Reynolds. Phone 702-461-3700.
Email: Reynoldsde@gmail.com. Dorothy has worked at every level of the lending process. I have done many transactions over the years with Dorothy. Her ethics and her integrity are impecable. Give Dorothy a call if she can't do it straight up with no if''s she will tell you. When you can move forward give me a call and we will find the right property for you with the payment taht fits your budget.
Thank You
Suzie Marquardt
0 votes Thank Flag Link Sat Apr 2, 2011
There are lenders offering financing with 20% down, regardless of whether you recently had a short sale, foreclosure or even bankruptcy; the terms seem to be very reasonable, I will be more than happy to refer you to a reputable company that offers that type of loan. 702-808-0795 Rene
0 votes Thank Flag Link Sat Apr 2, 2011
It depends on your credit score. Do you have a good Lender here in town?

I am a Realtor and work very closely with a few lenders who are excellent.

Did you make your mortgage payments while you were going through the short sale?

Please let me know if you ahve any questions or concerns.

Heidi Mayer
0 votes Thank Flag Link Sat Apr 2, 2011
Yes you can! You can actually qualify for a new home loan as soon as 1 day after you close on your short sale! Please if you have ANY questions or would like assistance, please feel free to contact me directly at 702-328-7863 or via email at jamie.hammontree@yahoo.com! I would love to help in anyway that I can! Thanks Rafael and the best of luck!
0 votes Thank Flag Link Sat Apr 2, 2011
Yes, You can.
There are programs in place that allow you to qualify for a new loan. 20% down is required!
If you are interested in more details call me at 702-296-6983
0 votes Thank Flag Link Sat Apr 2, 2011
What is your FICO score? What is your source of income? You might get investor financing if you look good on paper

David Cooper Las Vegas Foreclosure Investor in Bank Owned Houses with Cash Flow selling 20% below market. Freee List Call +17024997037. not a real estate agent
0 votes Thank Flag Link Sat Apr 2, 2011
Most lenders require 2 years HOWEVER contact mortgage broker complete a loan application one never knows many other considerations for loan approval.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sat Apr 2, 2011
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