Home Buying in 32808>Question Details

Dary, Both Buyer and Seller in 32808

Finishing a short sale now, am interested in a townhome for 50k. I have 10k to put down and make over 60k a year. Will I be able to get financing?

Asked by Dary, 32808 Wed Aug 11, 2010

I am waiting for the bank to approve my current home for shortsale. I could not afford the home after a divorce but am looking at buying a townhome in my same neighborhood. In a regular market, without a short sale on my record it should be easy for me to get a loan for 40k with a high income and no debt but what about now?

Help the community by answering this question:


Alma is correct below - Owner finacing, which is going to be the best option for you.
The loan amount itself is most likely too low for even hard money lenders (High Interest Private Loans)

Ben Pasquine
RH Funding Co
Web Reference: http://www.lendingfl.com
1 vote Thank Flag Link Wed Aug 11, 2010
If your just going through a Short Sale now, it will generally effect you qualifying for a mortgage for the next 2 years. However I have a great mortgage broker contact who is good at giving advice on how to improve credit in order to meet Lender's requirements. His name is John at Patriot Home Funding, John.seybert@myphf.com

Jonelle Simmonds,
Rightmove Orlando
0 votes Thank Flag Link Tue May 14, 2013
Correction... This is way back in 2010 but I have had a tenant that was able to get a credit union to give him a mortgage with 20% down and only 3 months after a short sale closed. The tenant did rent for one year while the short sale was getting approved and had a solid job history and bought below his means. GTE Financial Credit Union gave the mortgage.
0 votes Thank Flag Link Tue May 14, 2013
Try to get owner financing. You may be able to get a "hard money loan" but the interest will be significantly higher..

Vincent Warren Paige, Jr.
REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
0 votes Thank Flag Link Mon May 13, 2013
Your only options are owner financing or a loan shark (hard money lender).

After 2 years you will be able to buy.
0 votes Thank Flag Link Wed Aug 11, 2010
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