Getting a loan after a short sale

Asked by Marie, Tampa, FL Thu Jul 17, 2014

We did sell our house through a short sale 3 1/2 years ago. Today, we have an excellent credit, 10 % down , good savings, but we don't want to wait the 4 years period because we found a house. FHA is not an option because the maximum amount is 270 000 and the price of the house is 340 000.What options do we have in order to get a loan at this moment?

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Jereme Carter, Agent, Clearwater, FL
Thu Jul 17, 2014
Maybe talk to a national lender other than a bank, or maybe a mortgage broker. I know reputable professionals. If you would like assistance purchasing the home let me know call or text me 727-564-4570. Your agent should help you connect to the appropriate person and align the financing to gain pre-approval.
0 votes
Thank you for the help. I am in a very similar situation. My wife and I sold our home through a short sale and want to purchase another. We found our dream house, and we don't want to let it slip through our fingers.
Flag Mon Oct 6, 2014
Danielle Nic…, Agent, St Louis, MO
Thu Jul 17, 2014
There are definitely financing options available for you. It is important to work with a reputable lender. I would recommend asking an experienced real estate agent in your area for the name of lenders who are experienced in your local market.
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The Poole Te…, Agent, Wesley Chapel, FL
Thu Jul 17, 2014
Have you discussed your mortgage options with a consultant who only specializes in loans? I work with a contact, Tad Wentzell, at Absolute Home Mortgage Corp [e-mail:, Office: 813-257-9033 ex. 3214]. The wonderful thing about discussing financing options with him is that he has all the knowledge and expertise needed to get you financed and he can get a loan processed quickly because he follows the loan documents from start to finish, unlike at the large banks. Also, he can rate and loan shop across all the different lenders, which works in your favor. Touch base with Tad - he can point you in the right direction.
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Ernie Harpst…, Agent, Lutz, FL
Thu Jul 17, 2014
I would recommend calling a major company like Wells Fargo or USAA or PNC mtg and ask them;
As you may only have the FHA option available until the time passes by... Unless you put down 20% conventional. As I believe I was told once the PMI is the issue for getting it approved on Conv loan sooner then the time you mentioned. I have had people do it on the FHA loan ...but much harder on Conventional is what I have seen. Love to help you with this. I have helped many people buy homes over my 30 yr career of doing this. And I could help you try to get this done too...Might be one other way?? Ernie Harpster
Homeward Real Estate Co.
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Maryluke99, Both Buyer And Seller, Miami, FL
Thu Jul 17, 2014
WE can get you approved 1 day after a foreclosure or short sale with 20% down payment.…
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Ray Stevens, Mortgage Broker Or Lender, Cape Coral, FL
Thu Jul 17, 2014

You can buy a house now. The waiting period after a short sale is 3 years.

If your credit is excellent, then you want to stay away from FHA even if available. Although the rates are lower, the loan has "lifetime PMI" which is not good.

Get preapproved with a lender and any realtor would be happy to start showing you property.

I can issue a preapproval letter very quickly and I would explain all the "next" steps.

Please call or email me anytime.


Ray R. Stevens
GSF Mortgage Corporation
Branch Manager
Branch NMLS #1122003
Originator NMLS #177825
Office: 239-471-7971
0 votes
Madeleine Kr…, Agent, Tampa, FL
Thu Jul 17, 2014
Hello Marie

We have an arrangement with a company that will purchase the house you are looking to buy, and rent it to you for 1-2 years. At the end of the rental period, they will give you the loan and you buy the house.
Let me know if you'd like further details.

Regards, Maddy Krasne
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Alma Kee, Agent, Tampa, FL
Thu Jul 17, 2014
Also try a credit union. Credit Union loans do not require you to "FIT" exactly into the typical lending guidelines. Start with GTE Credit Union.

Hope this helps!

All the best,
Alma Kee
Sold On Tampa Team
0 votes
Denise Strot…, Agent, Tampa, FL
Thu Jul 17, 2014
I have contacts with two different Mortgage Brokers who have 100% financing available now and with one program the seller will pay closing costs. Email me for more
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Jaime Zelaya, Agent, Ruskin, FL
Thu Jul 17, 2014
Call me for help, we are a Christian based company, and we will not give you false information.
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Jordan Bette…, Mortgage Broker Or Lender, Turlock, CA
Thu Jul 17, 2014
Hi Marie,

The only way to go Conventional @ 10%, 3.5 yrs. is if there is extenuating circumstances for the Short Sale. This would be circumstances out of your control such as a serious illness, unemployment, etc. The only other loan that would work is VA or USDA (home would have to be in an eligible area). Otherwise, if any of these options do not tick any of the boxes, than the guideline would be 20% conventional. If you have a family member that can help you, these funds can be gifted.

I'm a local lender, if you have any questions, please email or call me.

Maureen Helm
VanDyk Mortgage
Direct 727-421-1067
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Jul 17, 2014
Yes, there is an option with at 90% LTV with NO PMI.

100% LTV- VA, USDA & 99% LTV- FHA
95% LTV- Primary Res. & Condos- No PMI
90% LTV- 2nd Home- No PMI
85% LTV- Investment/Rental Property

STATED INCOME ALT over 100k to Mega Jumbo
90% LTV- Jumbo- No PMI
90% LTV- Post Short Sale, BK, Foreclosure
0 votes
Michael Whit…, , Tampa, FL
Thu Jul 17, 2014
You can get a loan down now with 20% down. I can get you 5%-10% after you close in a Equity Line depending.

Michael Whitehead
Branch Manager
T. 813-261-4777
M. 813-546-2734
F. 855-734-3454
Eagle Home Mortgage
4600 W. Cypress Street Suite 465
Tampa, FL 33607
0 votes
Kella McCask…, Agent, Tampa, FL
Thu Jul 17, 2014
Please call me this morning.
i spoke with a loan officer whom shared a loan product requiring 10%-20% down .
0 votes
Thank you!
Flag Thu Jul 17, 2014
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