Hello Lucy, 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 FHA ONE YEAR after a short sale, foreclosure or deed in lieu if you qualify for the back to work loan program with a loss of income.
Traditionally you will need three years from a short sale, foreclosure or deed in lieu to qualify FHA. You may then qualify to buy FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score after 7 years if your short sale was not under special circumstance.
You will need to be pre-approved if you decide to buy 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, home price, loan program and how much you want to invest into the down payment and closing costs.
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 may qualify to buy with minimum out of pocket expenses and pay less than rent in many cities. It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. 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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The seller makes the final choice. If both offer prices are the same, the sellers agent will also discuss with the seller the differences (if any) on the type of loan the buyer is using, the current "confidence to close" by weighing things like whom the lender is, if they meet closing dates, if the lender guarantees the closing, if the buyer is fully underwritten approved or if they are just at preapproval stage, etc.
Sometimes it is in the buyers best interest to write a personal letter to the seller, that their agent will pass along to the seller, discussing how the home fits the buyers families needs. The letter may bring an emotional response from the seller and "may" help swing the sale acceptance your way.
Also, it is no unusual for the seller to make a "multiple counter offer" back to both buyers to see if either were willing to make the terms a tiny bit better etc.... more
Do you possibly mean "canceled/withdrawn"? This pertains to when a property that is listed on the market has chosen to "cancel" the listing, or "withdraw" from the market, or both.
Did you see a property on the market and then it went to "cancel/withdrawn"? and that's why you are asking?
I hope that helps.... more
Short sales are a wild card, you could have a short sale approval within weeks or up to a year. The speed of a short sale depends on have many loans are on the property, how busy their caseload is, and sometimes luck.
If you don't want the house anymore, you need to sign a cancellation of contract and have your deposit released from escrow. I would not waste time or mess around with the bank, in some cases they can take your deposit if you wait too long.... more
If you have no where to go then you have no choice but to wait to see who the new owner is and pray they will be merciful. Again, this is no guarantee and they are not bound by law to do this, but there is always hope that they may offer you cash for keys, more time to vacate (or a combination of both), or even a rent back if that is within your financial means.