short sale 2/2011 current home (FHA) purchased 10/2010 May job transfer to AZ and would like to purchase with 20% score over 720. ANYWAY to do this?

Asked by Mima, Nolensville, TN Thu Feb 21, 2013

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Jeffrey Masi…, Agent, Scottsdale, AZ
Thu Feb 21, 2013
Dear Mima:

Your lender can talk to you about your individual loan qualification for a new home. Too much personal information is needed for an answer in this public forum.

However, if you cannot qualify for a conventional loan at this time, you could qualify for a "Seller May Carry" interim financing loan with your 20% mentioned down payment. Here are "Seller May Carry" homes in the Phoenix metro area:,12

Let me know if you have any additional questions.

Jeffrey Masich, Reatlor, GRI, MBA
HomeSmart Realty
1 vote
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Thu Feb 21, 2013

Yes you could purchase with 20% down using Fannie Mae conforming financing, and the short sale doesn't have to be because of extenuating circumstances (i.e. medical, death of a wage earner, etc.). FHA financing is also an option if you were not late on the mortgage or installment debt for the 12 months prior to the short sale, even though you already have an FHA mortgage there is an exception to allow you to get another FHA mortgage if you are relocating to a new area not within commuting distance of your current FHA mortgaged home (i.e. moving to a new state). If you were late on the mortgage or installment debt during the 12 months prior to the short sale, then FHA financing would require a 3-year wait from the short sale. However with 20% down & with scores over 720, Fannie Mae financing would likely be the recommended loan option since there wouldn't be any mortgage insurance (which FHA still has even with a 20% down payment).

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
1 vote
Ric Mills, Agent, Oro Valley, AZ
Sat Mar 8, 2014
I can give you several lenders that can look at it and we have sucess in getting these done. Contact me at and we can get started. Tt will all come down to the reason for the short sale.
0 votes
Lisa Markham, Agent, Tucson, AZ
Fri Mar 7, 2014
Hi Mima, Actually YES there is. If your short sale took place more than 2 years ago; you can purchase a new home using FHA financing.

To purchase using a conventional loan you will have to wait 4 years from the date the Deed recorded into the new buyers name.

Call me for more information at 520.240.9602 or send me an email at

Thank you,

Lisa Markham
Envoy Mortgage
NMLS #947738
AZ License #0921717
0 votes
Exceptions: Lenders may make exceptions to this rule for borrowers in default on their mortgage at the time of the short sale if

The default was due to circumstances beyond the borrower’s control (such as death of primary wage earner, long term un-insured illness, etc.), and
The review of the credit report indicates satisfactory credit prior to the circumstances beyond the borrower’s control that caused the default.
Flag Sat Mar 8, 2014
That is definitely not correct information.
Flag Fri Mar 7, 2014
francine.mar…, , Tucson, AZ
Fri Apr 26, 2013
Give me a call 520-358-9382 Francine Martineau with Movement Mortgage in Tucson.
0 votes
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, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back. You can check them out; they might be able to help you too.
0 votes
Ric Mills, Agent, Oro Valley, AZ
Mon Apr 22, 2013
Call Jerry Sundt, at 520-322-5626 or Sean Delinger 520-440-0516 at Nova Home loans and discuss with them. I have found that they are the best for giving buyers advise on what ways will work. Good luck and let me know if I can help you further.

Ric Mills
The Dan Adler Team
Keller Williams Southern Az
2506 E. Vistoso Commerce Loop #100
Oro Valley, Az 85755
Cell 520-548-8940
Fax 520-825-0001

The greatest compliment you can give is the referral of your friends and family. If you, or anyone you know, is thinking of buying or selling, please think of me and our TEAM.
0 votes
Rebecca Kall…, Agent, San Tan Valley, AZ
Mon Apr 22, 2013
I'm not a lender, but I do have a GREAT lender that will be able to help you.
Feel free to call me ANYTIME today, and I would love to discuss what you're in need of!


PS: Don't hesitate to call, mortgage rates change everyday!
0 votes
Gayla Lemley, Agent, Tucson, AZ
Sun Apr 21, 2013
Hello Mima,

Lenders may have different requirements regarding a previous short sale and qualifying for a new loan. It is best to speak directly to a lender to get answers to your questions. Two preferred lenders I work with are: Adam Stewart with Arizona State Credit Union , cell number 520-237-4796 or Patrick Randles with Nova, cell number 520-850-7485.

Best of luck to you and if I can assist in helping you purchase a home, please contact me.

Best Regards,
Gayla Lemley, Associate Broker, ABR, e-PRO
Tierra Antigua Realty, LLC
0 votes
Ric Mills, Agent, Oro Valley, AZ
Sat Apr 20, 2013
I have help several people do this and it can be possible. I have several lenders you can talk to to discuss and get the prequalification done. It has been a while since the short sale so it may be possible to get another mortgage. Contact me and we
0 votes
Ric Mills, Agent, Oro Valley, AZ
Thu Feb 21, 2013
That is really a decision for a lender. Call one of my preferred lensers and they can tell you if and how it can be done. Call Patrick Randles at Nova 520-495-7210 or Good luck and let me kwo what happens and we will send you homes to look at to see what is on th market at no cost to you.
0 votes
Monica Yrigo…, Agent, Vail, AZ
Thu Feb 21, 2013
I'm not sure I understand the question. I would recommend you talk to a Lender to be sure if you did a shortsale in the past you are within the guidelines to purchase with a conventional loan in the future. I know of some great local lenders in the Tucson area that can assisst you. Contact me at 520-471-4711 or and I can give you their contact info. Monica
0 votes
Jay McCall, Agent, Tucson, AZ
Thu Feb 21, 2013
Will your transfer be to Tucson? If that is the community, best advise is to get settled in a short term rental, scope out neighborhoods that you like, check out possibities for a new mortgage and perhaps consider a rent-to-own deal. Short sale may present challenges.

Happy to talk about possibilities in Tucson, if you are coming here. Our home prices are good and slowly moving up.

Jay McCall, GRI, SFR, SGSB
Real Estate Consultant
Keller Williams Southern Arizona
0 votes
Gayla Lemley, Agent, Tucson, AZ
Thu Feb 21, 2013
Hi Mima,

You have received great answers from local lenders. You could also check with Adam Stewart, Arizona State Credit Union, (520-784-5000) or Patrick Randles, Nova (520-850-7485). They could answer any questions you might have and they have a proven record of handling real estate loan purchases in a timely manner.

If I can assist you in finding a home, please contact me and I will get to work for you!

Best Regards,
Gayla Lemley,Associate Broker, ABR, e-PRO, BA, MaEd
Tierra Antigua Realty, LLC
0 votes
Spirit Messi…, Agent, Tucson, AZ
Thu Feb 21, 2013
Hello Mima,

Not 100% sure I understand what you are asking here, sounds like you could use some advice from a local lender. That is what any buyer should do first, get pre-approved. I can recommend Paul Volpe Vice President with a local lender, Nova Home Loans, his direct number is (520) 241-4048.

Best of luck.


Spirit Messingham, PLLC
3rd Generation Full-Time Realtor®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
0 votes
Michael Shin…, Agent, Tucson, AZ
Thu Feb 21, 2013
Hello Mima,

Yes, it is possible but every situation is unique. I would love to speak with you directly to hear more about your situation, your new location you will be relocating to in town, and possible homes you would be interested in viewing. Please give me a call directly at 520-247-6436 at your soonest convenience.

Michael Shiner
Diversified Equity Corp.
0 votes
Roswell Moore…, Mortgage Broker Or Lender, Scottsdale, AZ
Thu Feb 21, 2013
Hi Mima,

Sorry to hear about your Short Sale.

In regards to securing financing to fund a new home purchase 2 years after a short sale, there are a few options that may be available to you. We have a new loan program we will be implementing next month that will not have any waiting period after a Short Sale, Foreclosure or Deed In Lieu & a 6 month waiting period for a Bankruptcy, both Chapter 7 & Chapter 13.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
NMLS ID 263779

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
Web Reference:
0 votes
Brian Carden…, Mortgage Broker Or Lender, Scottsdale, AZ
Thu Feb 21, 2013
Hi Mima,

It is possible, but the answer to your question is too complicated to answer with certainty without actually reviewing your credit report and running your application through the automated underwriting systems used by Fannie Mae and Freddie Mac. It is possible if the reason for your short sale was due to documentable extenuating circumstances and you are putting 20% down and two years have elapsed since the short sale. What is really important is to have a mortgage credit report pulled and reviewed to see how the credit history is being reported. There are often mistakes in how short sales are coded at the bureaus and the dates being correct. In this case this is critical because a computer is making the initial credit decision based on the information contained in your credit report. If things need to be corrected on your credit report, it can take a couple months or more. So you will want to start working with an experienced loan officer as soon as possible to make sure your credit report is in the right condition before your job transfer happens and you need to buy a home here in AZ. By starting now, if your credit report is in good shape you can get a credit approval and be ready to look at homes when the time is right.

Let me know if you would like my help.

Brian S. Cardenas | Sr. Mortgage Banker
NMLS # 183143 | AZ LO # 0913950
AmeriFirst Financial, Inc.
M: 480.233.7897

Helping homeowners since 1992.
0 votes
Joseph Witzke, Agent, Tucson, AZ
Thu Feb 21, 2013
Yes and no, most FHA, requires a 2 year wait from the close of your short sale, however since you have good credit and can go conventional there is a good chance you can qualify, my best advice would be to call Paul Volpe with Nova home loans in Tucson Az at 5202414048. I have closed people with short sales months after they had their successful completion. For more questions you can reach me at 5208084585, my name is Joseph Witzke and I'm with Tierra Antigua.
0 votes
David Winter, Agent, Tucson, AZ
Thu Feb 21, 2013
Hi Mima,

It is possible, but your first step should be to discuss this with a local lender and get pre-qualified to ensure you can purchase.

Please let me know if I can provide a referrals to some local lenders who might be able to better answer your questions.

Good luck,

David Winter
Long Realty
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Thu Feb 21, 2013
Have you spoken to a lender yet?
0 votes
Just on line - I have heard MUST wait thee years AND two years okay with 20% down.
Flag Thu Feb 21, 2013
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