Are there any lenders who will approve a $650K purchase price with 10% down, Credit score is good but had short sale on investment prop 2 years ago.?

Asked by Mgrabau05, Denver, CO Sat Feb 25, 2012

I have income of 200K and am looking to build a house in Solterra for 650K. I currently own with alot of equity but did have a shortsale on an investment property 28 months ago. Everyone is telling me the first is no problem but the second is.

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5
Tricia Houst…, , Denver, CO
Mon Feb 27, 2012
You can do an FHA product 3 years to the date of the foreclosure assuming you keep your loan amount under the county limit. Solterra is in Jefferson County and so your loan amount cannot exceed $406,250. If your trying to do conventional or jumbo peoduct then it will be a longer waiting period.

If you would like to take a look at all the guidelines, give me a call and we can discuss in detail.
0 votes
Matt Mansfie…, Agent, Lakewood, CO
Sat Feb 25, 2012
You will need to wait until 3 years just like a foreclosure.

Matt
0 votes
Robert McGui…, Agent, Denver, CO
Sat Feb 25, 2012
Mgrabau05,

John is right. A portfolio lender will be your best bet. They have different criteria than the traditional banks. Most trational banks doing Fannie Mae and other normal types of financing want to see a 3 year time frame after a short sale to approve a loan. Good luck with your purchase. Let me know if you need further assistance from me.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
0 votes
Nancy F Shar…, Agent, Denver, CO
Sat Feb 25, 2012
I would suggest you contact Celeste Paranjape, Catalyst Lending, 303-915-1444. She is professional, hard-working, and knows how to solve loan problems.

Nancy F. Sharpe
Sharpe Associates, LLC - Metro Brokers
303-564-5524
NSharpe138@comcast.net
http://www.nancysharpe.com
Director, Denver Metro Association of Realtors
0 votes
John Keene, Agent, Denver, CO
Sat Feb 25, 2012
Give Morgan Pennington a call at Gateway mortgage. His cell is 303-815-6655.

Gateway writes portfolio loans up to $417K. Gateway can then work with Key Bank, who will write a second for up to 90% LTV.

The lenders will have to answer you as to the impact of the short sale.

If you find the right loan and need help locating a property, give me a call.

Best of luck,

John Keene
303-547-7578
0 votes
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