I want to get financed for a new mortgage - but I am told I have to wait 24 months due to my short sale... I am 17 months into this wait... Options?

Asked by Fulkermdcs, 33776 Sat Jan 26, 2013

I have another home out of state that I have a renter in... It is on my VA - I would like to consider my tier 2 option on the VA so I can get another home... Got a great job, making great money. Been renting for the last 18 months...

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Budd Morris, Agent, saint petersburg, FL
Mon Mar 16, 2015
You need to find a good mortgage broker. I an help if you email me
0 votes
Michelle Cha…, Agent, Seminole, FL
Tue Sep 16, 2014

FHA just passed an update to the guidleline that you will have to wait 4 years after your short sale to buy a home.

Here is a link with info: http://realtormag.realtor.org/daily-news/2014/09/10/mortgage…

Please let me know if I can help further!

Michelle Chandler
Future Home Realty
0 votes
Jereme Carter, Agent, Clearwater, FL
Mon Jan 27, 2014
Fulkermdcs, Just want to say thank you for your service. Keep pushing forward. I'd suggest talking to a mortgage broker or a lender locally, get them lined up first and let him or her know what your situation is. Knowing your options is key to maximizing your opportunities. I have some contacts here in Seminole I can put you in front of. All I ask them to do is square away my referrals with the best options. Most importantly they can help clarify your questions directly. Be well, -Jereme Carter

If you have any questions just give me a call, I'll put you in the right direction (727)564-4570

Find me on Facebook or Twitter in my profile.

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Tracy Hoyt, Agent, Valrico, FL
Sun Jan 27, 2013
It is correct that you will need to wait the 24 months then. At least you were given the option to short sale so the wait is only 3 years, a foreclosure would have been 7 years. I suggest just saving, working hard on keeping good credit and when you get close find an Agent and BUY. Good Luck,

If you have other real estate or mortgage questions, feel free to email me directly at THOYT@prutropical.com or message me through my TRULIA profile.

Tracy Hoyt
Prudential Tropical Realty
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sun Jan 27, 2013

I can tell you this much...it ain't happening! You will not close on another VA loan until you pass that 2 yr mark...period! You will need at least 25% down it you want to purchase now.

However, you may be able to contract on a property 2 months before the 24 mo. mark at the 22 month mark and ask for a 90 day closing.

Why a 90 day closing? Call me and I'll explain

1) 100% LTV- USDA/12 mo. into Chapter 13 BK is OK
2) 100% LTV- VA/can pay off debts on purchases too
3) 99% LTV- FHA
4) 96.5% LTV-FHA
5) 97% LTV- No PMI/MI and No 1.75% FHA FEE
6) 95% LTV- No PMI
7) 95% LTV- CONDO purchase
8) 90% LTV- No PMI-2nd Home
9) 90% LTV- JUMBO w/cc
10) 85% LTV- NO PMI Super Jumbo
11) 80% LTV- Invest. Prop.

STATED INCOME ALT loan programs: http://www.StatedIncomeAlt.com
12) 80% LTV- FIX n’ FLIP Invest. Prop.
13) 80% LTV- NEW- Stated Income Alt
14) 75% LTV- NEW- Foreign Nationals- Stated Income Alt
15) 75% CLTV-NEW- after Short Sale, BK or Foreclosure
16) 70% LTV- Soft and Hard Money -Stated Income Alt
17) 55% LOT/VACANT LAND LOANS (by case basis)
18) COMMERCIAL PROGRAMS (many programs available nationwide)

Steve McRory
Pro Option Mortgage/Florida

Ph: 888 662 4404

Prior Service U.S. Marine Corps

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