What are my options for financing after a short sale based on my background?

Asked by jon_jon022000, Phoenix, AZ Wed Feb 13, 2013

I am looking to buy a house and need financing. However, I had a short sale that closed about two years and two months ago. I am familiar with the 2-3 year wait time for FHA financing. I was forced to miss payments to proceed with the short sale, so I am put into the 3 year wait time.

I wanted to see if there are some other options for me. I don't have enough for a huge down payment. However, I would be qualified for financing if not for the short sale wait period. I have a 740 credit score, a good job I have been with for two years, and a good payment history. In fact, the only negative on my report is the short sale.

I was looking to see if there are any lenders who will look at financing options on a case-by-case basis? I wouldn't be opposed to a bit of a higher interest rate (5-6%), but hard money lending is just too high and require large down payments. I know I could wait another year, but I was hoping to see if there were other viable options?

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Loren Hoboy, Agent, Phoenix, AZ
Wed Feb 13, 2013
Jon, I suggest that you contact Roswell Moore at Sun West Mortgage. 480-422-5095. He has done well for a number of my Buyers in this situation.

Loren Hoboy - Realtor®
623-688-0004 (cell)
1 vote
Terri Club, , Arizona
Tue Apr 23, 2013
I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure or short sale. There is no waiting period. Contact them now. They might be able to help you out.
0 votes
Andy Brown, Mortgage Broker Or Lender, Carlsbad, CA
Tue Apr 16, 2013
I have financing for 1 day after a short sale or foreclosure. See more info at my site:


Andy Brown
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Thu Feb 14, 2013
In your current situation, you would need either 20% down with conforming (Fannie Mae/Freddie Mac) financing, or you would need a lender who has their own portfolio loan programs, i.e. doesn't need to abide by Fannie Mae/Freddie Mac/FHA guidelines and instead makes the credit decision entirely "in house". There are more and more portfolio lenders coming into the mortgage arena these days (New Penn, Advancial, et al), but they typically are looking for at least 20% down.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
0 votes
Lynsey Cox, Agent, Chandler, AZ
Wed Feb 13, 2013
I have a lender that has helped a lot of my buyers in the exact same situation as you. Call me at your earliest convenience and I can get you his number. 480-229-4543
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Wed Feb 13, 2013
You could consider homes that offer seller carry terms. This would be a great a option for you and I would be happy to help. What part of town are you looking for a home in and what are the criteria that you have for your new home?
0 votes
Doug McVinua, Agent, Gilbert, AZ
Wed Feb 13, 2013
I may have an option or two for you to consider based on what you report.
0 votes
Jeffrey Masi…, Agent, Scottsdale, AZ
Wed Feb 13, 2013
Hi Jon:


1. Apply with lenders and review your situation
2. Hard money (you mentioned)
3. Seller May Carry Terms (usually at least a 15% down payment required)...3-5 year interim loan for you to find permanent financing.
4. Friend or family member to co-sign for you.

Let me know if you need referrals or would like to see seller may carry homes.

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart Realty
0 votes
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