Home Buying in 76137>Question Details

Anthony Mart…, Home Buyer in Fort Myers, FL

my score is 590. I am willing to put down 20%. I willing to put down $100,000 for a home that cost $280,000.

Asked by Anthony Martin, Fort Myers, FL Wed May 16, 2012

It will be our second home. I have a job that pays $40,000. We already have the house contract approved. but because we had a rental property shortsold in sept 2011, I need urgent help. Anthony, some please e-mail me at ttaxbiz@gmail.com.

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7
John Straub’s answer
There are a few challanges in this as you know, the credit score and the short sale being the biggest challanges you face. Traditional financing is likely off the table right now. To buy you will need to find a private lender who will consider loaning personal monies. The downside with this type of financing is it is incredibly difficult to find and secure and the rate on such a loan will likely be sky high. Leasing is the strongest option while the credit scores increase and the short sale ages to at least 2 years. Shoot me an email and we can talk about it in more depth. john@dfwfamilyrealty.com
0 votes Thank Flag Link Wed May 16, 2012
You're probably going to have a tough time. The last bank that you owed money to didn't get their full payment. So, you will likely not find a bank who will want to give you money for a few years. Can I ask if this $100,000 is new money? Or if you had that much money sitting aside why did you short sale the rental property rather than making up the difference?
1 vote Thank Flag Link Wed May 16, 2012
I would recommend you lease in the interim. I can help you find a lease in Fort Worth if interested - I have helped others locate property inside the Loop recently.
lori@pamsnowden.com
0 votes Thank Flag Link Wed May 16, 2012
Hi Anthony:

Most lenders will ask you to wait for 2 years after a short sale, and provided you are current on all other bills and do not have any late pays.

Your Credit Score also needs to be in the 620 to 640 range.

Till then, you may want to consider hard money lenders.

Good luck.
Perry

http://www.trulia.com/blog/perry_mistry
0 votes Thank Flag Link Wed May 16, 2012
Mr. Martin,

As lender I know you are going to have some serious issues getting a mortgage with that shortsale on your record. There are no conventional financing methods that I am aware of that that will work with unless the shortsale is at least 2 years out. You can try getting a portfolio loan, but most programs will deny you based on the credit score alone in addition to the high housing ratio that you are proposing. Send me an email at jerry.thompson@omniamerican.com. I do know of one company in Dallas that might be able to help you.
0 votes Thank Flag Link Wed May 16, 2012
Most lenders require 2 + years prior to approving another loan on a home that was short sale OR foreclosure.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com

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0 votes Thank Flag Link Wed May 16, 2012
Hello Anthony, Not sure if that can work for you under those circumstances. FICO Score needs to be at least 620 + Short Sale in this are has 3 year waiting period. Wish you the best of luck!
0 votes Thank Flag Link Wed May 16, 2012
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