I was rejected a FHA loan because I did a short sale on a home 2 1/2 years ago. Even w/ Convent 20% down still no go, have to wait 3yrs. T/F ?

Asked by Adam, Salvisa, KY Thu Feb 23, 2012

They told me that under conventional I would only have to wait 2 years but as it turned out they told me I would have to wait the 3 year bank requirements. My income was not an issue, so is it true or did I get the the shaft.. I lost my dream home because of that.

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3
Alma Kee, Agent, Tampa, FL
Fri Feb 24, 2012
BEST ANSWER
Hi Adam,

Another dream home will appear for you!

The good news is my tenant just got approved with 20% down by GTEFCU.org and he closed his short sale only 2 months prior and also had a bankruptcy. So try GTE credit union or another credit union because they have different guidelines than the standard "Fannie Mae, FHA, Freddie Mac" that most lenders must FIT you into. You see, with banks and mortgage brokers, they normally just sell off your mortgage the day after closing so they cannot sell it if you do not fit into the very specific guidelines.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes
Rich Homer, Agent, NAPLES, FL
Fri Feb 24, 2012
We recommend contacting a local Mortgage Broker for help. http://www.trulia.com/voices/directory/33024-mortgage_broker…
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Feb 24, 2012
From what we've heard, there are Lenders who will do it:

Keep looking.
Try this guy; send him an e-mail. I recommemnd him highly
Shane Milne: shane@thebesthomeloans.com
he works in all 50 states

Good luck and may God bless
0 votes
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