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?
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..
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.
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.
Your Castle Realestate