I live in Boynton Beach. My condo is paid for but I had a short sale on the house I owned over 2 years ago. If I sell can I get a mortgage now?

Asked by grandy3288, Boynton Beach, FL Wed Aug 22, 2012

Who would you recommend for a mortgage? My FICO score is 719.
I have heard that I would have to wait 3 years to qualify for another mortgage.
I would be putting at least 20% down.
Thanks for your help.

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11
Terry Bishop, Mortgage Broker Or Lender, Boca Raton, FL
Tue Apr 30, 2013
Good morning. If you are over 2 years out from the short sale and are putting 20% down you should be fine. Where it get tricky is (assuming you had lates on the property) how deep your lates got at that time and how Fannie Mae's system reads the short sale when your loan is run though their automated system. All this should be done in advance for you so that you are good going into any potential purchase. I would be happy to speak to you regarding this if you like :)


Mo Kamlazadeh

561-289-3165
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Oct 4, 2012
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MORTGAGE BROKER responds

After you view the programs for Boynton Beach here: http://www.trulia.com/blog/steve_31/2012/07/2012_loan_progra…

Call me to talk about 3 options in PBC and Broward

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
http://WWW.PRO-OPTION.COM
Ph: 888 662 4404

Prior Service U.S. Marine Corps
==
0 votes
Tamela Staubs, Agent, Boynton Beach, FL
Thu Oct 4, 2012
I have a client that I am working with now that is qualified to buy after 3 years and was advised that after 2 years she could have purchased.
When I sold the short sale for her, I guided her through that process and some steps to rebuild after the short sale, now we are looking at homes for her to purchase again. I have several mortgage brokers that are familiar with this type of mortgage qualification.
Contact me click on the top right
Tamela Staubs
5614367727
RE/MAX Direct
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Aug 24, 2012
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If you can put at least 10% down, there is an option that could work in your situation. Would you consider buying now in the 6% range with NO PMI?

This way you could buy now as you and everyone in PBC and Broward know prices are increasing, Waiting to qualify on a Very Expensive FHA loan with 1.75% Financed MIP Fee and Monthly MI payment, when rates are higher and buying when prices are much higher is not the only option.

Reasons to purchase now: 3 'R's

1. Recover past lost equity through buying a Florida property at these extremely low prices

2. Re-establish mortgage credit quickly to then refinance while rates are still low

3. Retain as much income as possible with Mortgage Interest write off savings on taxes

See programs at: http://www.pro-option.com

Steve McRory

Pro Option Mortgage/ Florida
http://www.Pro-Option.com

steve@pro-option.com

Ph: 888 662 4404
0 votes
Susan Doyle, Agent, Boynton Beach, FL
Fri Aug 24, 2012
Please call Brian Govier @ Banker's Mortgage @ 561-267-0557 and he can answer all your questions and get you qualified or help you get in to your new home. I hope this helps. Please lwet him know Susan Doyle sent you his way! Good luck.
0 votes
Debra Simon-…, Agent, BOYNTON BEACH, FL
Thu Aug 23, 2012
Hi Grandy,
719 is still a very good FICO score. With interest rates as low as they are, and the market stabilized, there should be no reason you can't accomplish your mission. My office is in the Canyon Town Center on BBB AND LYONS ROAD. Stop in anytime and one of my agents will go over everything with you . I'm expanding right now so I will soon have the mortgage broker on site to answer all questions . In the mean time, he's just a phone call away.
DEBRA SIMON-AMIRAIAN
OWNER/BROKER
THE REALTY PROS
0 votes
Kimberly Kir…, Agent, Boynton Beach, FL
Thu Aug 23, 2012
Hi... I suggest you talk with a Lender to get Pre-Qualified. You should explain to the Lender that you have had a Short Sale is has been over 2 years ago. You should be able to get a Loan now :) I have some Lenders I could refer you to in the Boynton Beach area. They will go over all of the details with you and answer all of your questions with no pressure.

It sounds like you are doing your research, very smart. Now is the time to buy!!! Awesome Prices on properties and low finance rates - what a combo!

If, you have more questions call me anytime, I specialize in Boynton Beach.

Kimberly Kirkman, Realtor
Century 21 Tenace Realty
0 votes
Steve Shalaby, Agent, Boynton Beach, FL
Thu Aug 23, 2012
Hi Grandy, I've been lending for 17 years now. My company Streamline Financial Group in Boynton Beach (Woolbright & Federal Hwy) offers every type of real estate based financing under the sun! Residential, commercial and reverse mortgages of every flavor imaginable (and then some you haven't imagined). I have done loans for borrowers who've had short sales and unfortunately you're right about the waiting period. For FHA transactions, the seasoning required (from the date you short sold your house) is 3 years. In fact I did a loan for a couple who did a short sale and waited 3 years TOTHE DAY that they applied for their new loan. With conventional loans, it's even longer (7 years). The only exception would be if you had a short sale due to an extenuating circumstance (job transfer, major illness, etc...). If you'd like to give me a call to chat, don't hesitate to do so. I'm happy to answer any questions and help you get prepared for your purchase.

My office number is: (561)364-LOAN.

Good luck!
0 votes
Susan Doyle, Agent, Boynton Beach, FL
Thu Aug 23, 2012
Dear Grandy,

I am sure you are just fine but you must check with a Lender first, I prefer Brokers and have some I can refer in Boynton if you like. The big banks some times don't want to deal with the risk or condos if you are purchasing another condo. It seems it just gets harder and harder. Brokers can actually save you money if you use the right one and will not take an up front fee at start to see if you qualify.
If you wish to purchase another condo, most require 25% down, depending on your income/debt it could be more. Don't forget you will have closing costs involved as well, so speaking with a lender if the first step always in purchasing real estate.

Good luck to you,
Susan Doyle
0 votes
Tom Priester, Agent, Tequesta, FL
Thu Aug 23, 2012
Dear Grandy,

You should be good to go if you are dealing with the right lender. I have some amazing professionals that I work with on a regular basis who may be of help. If you would like to contact me I would be happy to pass along their contact information. There are loopholes depending on your situation.

Selling your current condominium in this market should be very easy as inventory levels have dropped significantly while demand is high. Interest rates have crept up a bit but I am nit expecting that to be a trend to continue.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Aug 23, 2012
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Many just out of Short Sales, Foreclosures, Bankruptcies, Low Credit Scores or Self-Employed with High or Low Scores don’t want to be sidelined, missing out on buying Florida real estate at these extremely low prices!

With as little as 25% to 30% down buyers can purchase a Primary Residence, 2nd Home or Rental Property now!

Also now available are the new Stated Income Alt loan programs for self-employed, Commissioned or 1099 borrowers! http://www.StatedIncomeAlt.com

Reasons to purchase now: 3 'R's

1. Recover past lost equity through buying a Florida property at these extremely low prices

2. Re-establish mortgage credit quickly to then refinance while rates are still low

3. Retain as much income as possible with Mortgage Interest write off savings on taxes


85% LTV- NEW NO PMI to Super and Mega Jumbo

80% LTV- Rental/Invest. Prop.

80% LTV- FIX n’ FLIP Invest. Prop. – No credit score required!

80% LTV- Stated Income Alt to Super Jumbo

75% LTV- Foreign Nationals- Stated Income Alt to Super Jumbo

75% CLTV-NEW- after Short Sale, BK or Foreclosure to Super Jumbo

70% LTV- Soft and Hard Money -Stated Income Alt to Super Jumbo



Steve McRory

Pro Option Mortgage/ Florida

http://www.Pro-Option.com

steve@pro-option.com

Ph: 888 662 4404
0 votes
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