Had a short sale 2010. Want to buy small lake home 2013. What are rules after short sale; money down?

Asked by Chianti Debra, Troy, MI Fri Aug 17, 2012

Have a beautiful condo I will rent out, credit over 700, and good income with minimal debt. Any Referrals for this situation for a mortgage??
Thanks

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Sigrid Garrick’s answer
Sigrid Garri…, Agent, Rochester, MI
Sat May 11, 2013
Debra,

I've heard certain lenders say 2 years after short sale & I've had some say 3 years.
Since you have a condo to rent out, that might be another problem.
We have loan officer right in my troy office. You can contact J P Avollone at 248-649-7200
They are using mortgage one. Great mortgage company
0 votes
Patti Kane, Home Buyer, Boulder, CO
Sat May 11, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
0 votes
Charis Brown, Home Buyer, Washington, PA
Sun Mar 17, 2013
You can check http://www.cfsflex.com. They specialize in purchase transactions after a short sale or foreclosure. I had a foreclosure 2 years ago and I just got approved to buy a new home. According to their site, I can qualify one day after a foreclosure.

It seemed too good to be true, but I got approved and now have a pending offer, even after my short sale less than two years ago. Big banks said it could not be done.

Obviously it can.
0 votes
Eric Michael, Agent, Northville, MI
Sat Aug 18, 2012
Chianti,

There are many variables to this question. I would seriously suggest that you talk to a mortgage professional that you feel comfortable with about the question.

Let me know if you need the contact info for a couple of them.

Eric Michael
734-564-1519

EricMichael@Remerica.com
0 votes
Mark Mergener, Agent, Farmington Hills, MI
Sat Aug 18, 2012
Hello Chianti,

You have a variety of circumstances that will determine whether or not you can get a mortgage.

Your current credit rating is key, along with whether or not you will finance conventional, FHA, or VA.

They will also look at whether or not owning your current condo may be an issue.

Bottom line... I think it can be done!

Your best bet is to contact David Kaner at John Adams Mortgage @ 248 855-8800. Conversation with him will be quite enlightening, and invaluable to your goal of owning a small lake home. He is a tell-it-like-it-is kind of guy. His advice is free!

Tell him Mark sent you!

Regards,


Mark
Cell phone 248 935-0335
0 votes
Chuck Wartman, Agent, Colorado Springs, CO
Fri Aug 17, 2012
Chianti, You can now or very shortly be able to qualify for a new mortgage. It depends on many factors such as how is the rest of your bills being paid - on time, late, not at all.. It usually takes 2 to 3 years to get another mortgage as long as all else is good. Contact a good lender an let them check out the situation.
0 votes
Sigrid Garri…, Agent, Rochester, MI
Fri Aug 17, 2012
Chianti,

You may be able to qualify now. Please contact JP in my office. 248-649-7200.
He will let you know how much you would qualify for as well.
You can check out homes on my website as well.

Have a wonderful weekend!!!
0 votes
Karen Yunck, Agent, Birmingham, AL
Fri Aug 17, 2012
Good evening!
We work with a phenomenal lender in our office in Troy. Shoot me an email and I will forward the info,
Thanks,
Karen Yunck
Keller-Williams Troy Market Center.
248-842-7861
yunck64@yahoo.com
0 votes
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