Hello Jessica, yes you may now qualify ONE DAY after a short sale, foreclosure or deed in lieu with 20% down and minimum 620 fico score. You may qualify for FHA financing now as you only need 3 years after a short sale, foreclosure or deed in lieu with a minimum 500-579 fico score with 10% down, minimum 580 fico score may qualify for 3.5% down or even as low as .5% half percent down payment program.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.
You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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Courtney, Did you ALSO make a bid? Did your Realtor ask to be put in "back-up" position? The reason I say this is that "Short-Sales" in Sonoma County STILL take an average of 5 months to close and many a buyer gets wooed away by either a quicker close "Equity Seller" or an REO. We have one short sale at the 5 month mark but due to our super heated marketplace, they can't TOUCH the deal of our Short-Sale due to inflating home prices.
So give that a shot. We've seen WAY too many deals fall out due to Buyers moving on.
And for the latest in Real Estate News tune in: The Real Estate Hour, Sundays, 9 to 10am, KSRO, 1350AM or streaming live on the net at KSRO.com... more
Many of the posters clearly did not read the post. The house is not underwater--there is no short sale needed here. Are you planning on renting your current primary residence and moving into the new place, or selling your existing property? This is a very doable scenario either way, If you list your existing property for sale, I can remove it from your debt to income calculaiton and qualify you for the new house. There are other options. Give me a call and we can discuss.
Auctions are simply another marketing tool and you should be wary. Tpo begin with many are not absolute auctions in other words the Seller has the right not to accept the winning bid. Secondly nearly all auctions have a 10% buyer premium in other words if your winning bid were $100,000 you would have to pay $110,000. At an auction you will be required to make a 10% non-refundable down payment if you are the winning bid and typically close within 2-4 weeks so if you're getting a mortgage you'll want to speak to your loan officer in advance to make sure they can comply with the auction terms.... more
You need to be careful with the "Active" moniker. Here in the BAREIS system which encompasses 4 counties--the "Active" can also mean, "Continue to show" (CTS) which is really a property IN ESCROW but not "firm" as is a "pending" sale which usually means all contingencies have been removed and the property is preparing to close the escrow and become a "Sold".
We use a "Market Metrics" program which show as "Actives" not only the true "Actives" but also the "CTS" category. Also, when folks see the "Under Contract" status this could be very misleading as up to 65% of those are "Short-Sales" which take an average of 170 days to close if they EVER close! But you SHOULD be working with a Realtor by now. I know it's fun to look around at properties but beginning a long-term relationship with a Realtor who can explain the nuances of their local market is PRICELESS in your quest to buy here in the Greatest State called California.
P.S.--It's 6:30pm, my screen door is open to my office, 76 degrees today!!... more