Financing in 80247>Question Details

Psrowan, Home Buyer in 80247

had short sale 6 months ago can i get a mortgage now

Asked by Psrowan, 80247 Thu May 10, 2012

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I certainly hope not. I am really tired of the people who created this housing crisis mess getting away with "walking away" from YOUR responsibility. YOU are making it worse for EVERYONE else.

I have a mortgage. I bought a condo in 2001. I bought with in my means. I put money down. I got a fair & square FHA loan (no ARM, no 0 interest loan here) and GUESS what?????

Thanks to people like you, MY property values have taken a DIVE!!!! I will be stuck with this DAMN CONDO forever!!!!

So... I really hope you are not eligible for a mortgage.
Why would you want one any way? You couldn't handle the one you had, why do you want another?

Signed -
MAK
4 votes Thank Flag Link Tue May 15, 2012
There are lenders with special programs that can do a loan soon after a short sale under special circumstances. Suppose you lost your home because you lost your job but now you are back working and been responsible paying all you other bills, you can very well get a loan if you qualify.
0 votes Thank Flag Link Tue Apr 21, 2015
Hi Psrowan,

Yes, you can get a mortgage again right now. We have a "2nd Chance" portfolio loan that will allow a recent Short-Sale or Foreclosure. The requirements are a 20% downpayment and 620 mid FICO score. You can contact me on my website below for more info..

Craig Bosse
Web Reference: http://www.craigbosse.com
0 votes Thank Flag Link Thu Jan 9, 2014
As most of the previous answers indicated, it will be difficult at best to get a new loan in less than three years of your short sale. There are exceptions, but they are rare and I can't see any scenario other than a 'hard money' loan (significantly higher interest rates) that works for you in the near term.

One alternative you might consider would be a lease option arrangement, but that is not the same as a new mortgage, and it is often not in your best interest. The primary advantage of a lease option for the potential buyer is that may be able to lock in a purchase price now, so they can avoid additional increases in purchase prices over the next 2 -3 years.

However the downside is that the price you may lock in now could actually be higher than the current market value, they generally a require a 'premium payment' above and beyond the normal deposit requirements of a traditional rental, and higher rent payments that are often charged in return for a promise to apply some portion of rent to your down payment if you buy the home at the end of the lease option terminate. While this may sound good on the surface, most lease options never actually end up in a purchase so the current homeowner gets to keep the lease option premium AND the amount from the increased rent payments that would have otherwise gone to the purchaser.

In the end, renting for awhile may well be your best option.

Best of luck to you.
0 votes Thank Flag Link Mon Nov 25, 2013
Depending on what type of short sale, you must wait 2 to 3 years. And, it depends on if you continued to make payments up until the short sale. And what you do with your credit after the short sale.
0 votes Thank Flag Link Mon Nov 18, 2013
Did you have late payments at this time or better said in last 12 month? If not contact me.
Thanks
Dina Varshavskaya
Mortgage Specialist
d_varsh@hotmail.com
0 votes Thank Flag Link Fri May 10, 2013
Psrowan,

My resources tell me that it takes 3 years to qualify again for an FHA home mortgage after a short sale. The time frame runs about the same as a foreclosure. For a conventional loan it can take 5 years. You might want to speak with my lender, Joe Massey - 303-809-7769 to get the details for your particular situation. You can also check with some local lenders such as Compass Bank or 1st Bank to see what their guidelines are and what they would like to see in place after the time frame is over to help you qualify.

Robert McGuire
Broker/Consultant
Your Castle Realestate
http://about.me/robertmcguire33
0 votes Thank Flag Link Fri May 10, 2013
Usually the waiting time is 3 years but there are some exceptions. Have you spoken with a lender?

I can refer to some lenders.

Shelley Bryant, 30-3521-7085
0 votes Thank Flag Link Tue Jun 26, 2012
No you can't. Why did you have a short sale will determine how long you have to wait before you can qualify for a mortgage.
0 votes Thank Flag Link Wed May 16, 2012
I'll agree with what Marianne said...that it typically takes 2-3 years before you can buy a home after a short sale, with repaired / rebuilt credit.
0 votes Thank Flag Link Sat May 12, 2012
In last 12 month did you have late payments including mortgage? If answer yes,then you can not get loan,but if you did not have a late payments then contakt me at d_varsh@hotmail.com
0 votes Thank Flag Link Thu May 10, 2012
Depending on what type of short sale, you must wait 2 to 3 years. And, it depends on if you continued to make payments up until the short sale. And what you do with your credit after the short sale.
0 votes Thank Flag Link Thu May 10, 2012
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