Financing in 95818>Question Details

Marco Buriti…, Home Buyer in Brooklyn, NY

LOAN AFTER A SHORT SALE FOR A PURCHASE IN NJ Any knowledge regarding who will qualify us?

Asked by Marco Buritica, Brooklyn, NY Sat Aug 18, 2012

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Sue Archer Reynolds’ answer
You might want to direct your questions to the respondents from the NYC metro area, which includes New Jersey.

They would know some great lenders are who specialize in FHA financing for that area. We in Sacramento, CA wouldn't have that information. We can only speak on the national level for your question.

Good luck!
0 votes Thank Flag Link Sat Aug 18, 2012
Yes there is a new program for FHA by HUD for people in your shoes you just need 12 months from the date of the Bankruptcy, short sale or foreclosure.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
2 votes Thank Flag Link Sun Sep 1, 2013
Owners who did a short sale or have had a foreclosure 2 years ago just got approved to buy a new home. According to their site you can qualify one day after a foreclosure.

They have a program called Flexible Credit Loan which seemed too good to be true, but I have heard that many got approved and now have a pending offer, even after the short sale less than two years ago. Big banks said it could not be done.

Obviously it can.
1 vote Thank Flag Link Sat Mar 30, 2013
The best first step to homeownership is to talk with a lender who specializes in home lending. You will need to choose a lender at some point so its the best place to start the home buying process. This simple step will allow you to know exactly where you stand now and what you need to do in order to secure a home loan again. Wishing you the best of luck Marco! Hyatt Simons, REALTOR | | 916-508-1891 | calBRE# 10889685 | Coldwell Banker
0 votes Thank Flag Link Sun Feb 2, 2014
My recommendation would be to get a recommendation from a local real estate agent as they have established relationships with proven and trusted loan agents who can assist you. If you are not already working with an agent in New Jersey, you can use the Trulia "Find a Pro" search feature to find an experienced agent. You can also search for a loan agent that way on Trulia.
0 votes Thank Flag Link Sat Aug 18, 2012
Ute Ferdig -…, Real Estate Pro in New Castle, DE
Thank you, it was sept 2010. We have 20pct to put down and fico is good also. How do I find the lenders that will go by the Fannie Mae with a two yr seasoning rule with 20pct down.
0 votes Thank Flag Link Sat Aug 18, 2012
You should look at protfolio lenders as well, Everbank can do as portfolio loan, am sure other would too. feel free to e mail me at
Flag Fri Oct 18, 2013
Depends on how long ago your short sale closed and whether you are going with conventional (20% down payment) or FHA financing. Waiting period is 2-3 years depending on your situation. I would consult with a loan agent in the area where you are buying and he/she can evaluate your situation based on your particular circumstances as well as any local issues that may have to be taken into consideration.

Good luck to you.
0 votes Thank Flag Link Sat Aug 18, 2012
Ute Ferdig -…, Real Estate Pro in New Castle, DE
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