There are more and more lenders that are offing loans after short sales. Recently however the rules have gotten stricter on FHA and Conventional lending.
First you should ask a friend or family member for a referral... if you cannot find a good referral source you should search your local area for a Private Portfolio lender on Google like this one if you are in the SF Bay Area.
Do some research... look at public comments and reviews then make a few phone calls. Once you are comfortable with a lender local to your area that can help your unique situation I'm sure they can help you submit a proper loan application that would be allowed right after a foreclosure or short sale.
Dear Ebdb: You've received some great answers to your very important question. I always tell my Buyers to shop around and get good faith estimates. You do it for a car, right? Why not for a Mortgage that your will be paying for a long time?
You have a great point. So, I've asked two of the many great lenders I deal with to give me their input. I wanted to get their perspective. I'll post their reply for you.... more
good morning.......you sound like a solid borrower...not being full-time isn't going to kill the deal, except for the fact that you would not have enough history as part-time......yes, you can have a non-occupant co-borrower.......since you are 24, i assume your parents are still working...and would offer to help you.....your income can be used...but a verifiaction of employment (a fannie mae form) would be sent to your employer...if it comes back part-time fine.if it comes back as temporary status, your income cannot be used until the temporary status is lifted....if the temp. status might continue indefinitely, then you can use only your parent's income and you can then supply only occupancy and the deal should go fine..don't forget..when applying for a mortgage- your years of college count as job history since you are teaching.....listing you as part-time isn't a problem, and their income and debts will be combined with your income and debts to arrive at a new math problem....fha would be the best way to go, unless your parents are currently on an fha loan........if the condo association is approved fha or can be approved by the spot condo approval checklist...you're set to go..i hope that helps./...bob mcclure- success mortgage partners- plymouth, michigan..... more
Another thing to keep in mind is that your housing expenses (interest, etc) may or may not be tax deductible depending on your tax situation. It's especially important to talk to a CPA if you might be subject to the AMT (alternative minimum tax).... more