OM Gosh, unlike the rest, I'll tell it to you straight.
You did the dirt deed, you walked away from your financial obligation and promise to pay, regardless, its considered Mortgage Homicide by Banks who collectively have, and are taking SS hits!
What you gotta do is get back in the game asap to buy again at these low prices as they are going up at 2001 appreciation rates!
Only difference is....this time we'll know when to step off the train and sell for MAX profit before the train goes over the next cliff in 15 yrs!
See the loan program for your situation at: http://WWW.PRO-OPTION.COM
There other alternatives in securing a mortgage after a short sale, other than Fannie Mae. Many sellers understand and are sensitive to the fact that many good quality, upstanding folks have been thru a situation such as yours and just don't meet the requirements to qualify for a standard loan.. Some of these Sellers are in a position to provide alternative short term (5-10 year) financing at reasonable market rates. These mortgages do not require approval by anyone other than the Seller. However, you would need to be in a position to make a reasonable downpayment and meet adequate terms. Sometimes these mortgages are amortized over a longer period of time than the actual mortgage (5-10 years) so your payments would be comparable, in nature, to a regular 30 year mortgage and then a larger balloon payment at the end of the actual mortgage term. The terms would be something negotiated with the Seller.
As Realtors, The Lasky Team, we introduce this idea with Sellers to give it consideration. If it is the right match up for Buyer and Seller, it is a win-win for all.
We have done many of these transactions and find they really do fill a need in the market place.
Currently we have a listing coming on the market with Seller financing for a 2 bedroom 2 bath condo in the heart of Sarasota that is really a jewel.
If we can be of any further help to you Dana, it would be our sincere pleasure. Our goal is to "Exceed Your Expectations".
Rita Ferrell Lasky
The Lasky Team
With as little as 10% down buyers can purchase a Primary Residence, 2nd Home or Rental Property now!
Reasons to purchase now:
1. Recover past lost equity through buying a Florida property at these extremely low price
2. Retain as much income as possible with Mortgage Interest write off savings on taxes
3. Re-establish mortgage credit quickly with a new Mortgage after the bad
4. Re-finance with new mortgage credit established while rates are still low
90% LTV- Short Sale, BK, Foreclosure Forgiveness
80% LTV- FIX nâ€™ FLIP Invest. Prop.
70% LTV- Soft and Hard Money
Pro Option Mortgage/ Florida
Ph: 888 662 4404
You'll need a conventional loan or a portfolio loan (which is usually MORE restrictive) since this will not be your primary residence. FHA guidelines generally require a 3 year waiting period, but you cannot do FHA unless it's your primary home.
The info below comes direct from the Fannie Mae underwriting guide
The following waiting period requirements apply:
Two years 80% maximum LTV
Four years 90% maximum LTV
Seven years LTV ratios per the Eligibility Matrix
Technically, their is also an exception that shortens the time to 2 years with only 10% down if you have a fully documented extenuating circumstance that led to the short sale, such as loss of employment, extended illness, or divorce. However, you probably wouldn't be able to get approved for PMI on that loan (they have different guidelines) and since it is not the primary roof over your head (it's a "luxury") I have a gut feeling that most underwriters would not be too sympathetic towards making this exception.
What part of Florida are you looking to purchase in? I have some excellent lenders that can get you financed as long as your income to debt ratio is fine. I work Cape Coral and Fort Myers and would love to assist you. Feel free to email me at email@example.com or call me at 239-707-4575
I am currently working with a client who was able to get financing after only 18 months after their last short sale. Email me a firstname.lastname@example.org and I will put you in touch with the loan officer.
No Nonsense Real Estate