My family completed a short sale in April 2012 and we are ready to buy again, if possible? Reccomendations for a lender to work with?

Asked by jennlan77, Dallas, TX Mon Apr 1, 2013

We have great income, credit scores @700, only were ever late on mortage to start short sale process :( Everything else always current. The house dropped $75k in value due to the 36 hole golf course/club in our community went into foreclosure. We also had job transfer issues that forced relocation to Texas - the short sale home was in Arkansas. Thanks for any help!

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Don Groff, Agent, Austin, TX
Tue Apr 2, 2013
You will most likely have to wait another year for conventional or 2 more years for FHA finacing. Most lenders consider a short sale a foreclosure and because you stopped making payments to initiate a short sale in the first place is not something a lender will look too fondly upon.

So the good news is your credit did not take a major hit but you will probably have to wait another year.

Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 |
websites: |
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1 vote
Thanks Don!
Flag Tue Apr 2, 2013
Susie Kay, Agent, Dallas, TX
Sat Nov 9, 2013
Have you gotten you questions answered? If not, feel free to call me at 469-371-2899 and I will connect you with a mortgage advisor.

Take care,

Susie Kay, Realtor®
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240

Servicing your real estate need is my priority!
0 votes
Richard Guil…, Agent, Dallas, TX
Fri Nov 8, 2013
Hi Jenn,

Did you ever get the info, and/or help, on this?

Richard Guilliams
Licensed Real Estate Broker
Luxe Estates Realty, Powered by Keller Williams
469.831.6893 (cell)
972.463.2483 (fax)

Visit my website for homes currently listed on the market:
0 votes
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Mon Apr 8, 2013
Oh! I forgot to mention, see the link below. This may be an option for you. The wait is only one year from the close of escrow.
0 votes
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Mon Apr 8, 2013
My company has drawn a line in the sand concerning extenuating circumstances. If you were required to relocate in order to save your job and you started the process of your short sale within 6 months of that notification, it is possible to be approved (case by case) for a VA or FHA loan with mortgage lates with NO waiting restrictions. I have funded several of these loans and I am closing one next week. It is possible.

Best of Luck!
0 votes
Curly Sue, , Texas
Mon Apr 8, 2013
Sounds like April 2015 to me......................................
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BeeBie Vidal, Home Buyer, 75214
Sun Apr 7, 2013
As of today, the FHA does require 12-24 months before getting you back into a new loan, however, you might consider owner financing. Good luck!
0 votes
Thanks - hoping to find a lender here to work with us, only been 12 months, tho so we will see!!
Flag Mon Apr 8, 2013
Patricia McC…, Agent, Dallas, TX
Sat Apr 6, 2013
Some banks will consider relocation and the decline of home values as a reason for the short sale and look favorably 18 months to 2 years and consider lending. Your best bet is to start shopping for a lender and see if you can find someone to work with. I am not saying it will be easy but you might find one who will work with you. My advice is maybe use a mortgage broker and not a traditional big bank lender and on that note as well may a smaller local credit union. Also, not sure what your financial situation is but you may consider as well using a 401 K or private lender to temporarily finance your home. It may be at a higher interest rate but its an option. For example, if you can borrow what you need at 10% for the next four years or so till you are out of the woods for the short sale dinging you, you could refi your home at that point and roll the dice with the interest rate at that time. Pricey yes but may be an option if home ownership is that important. Otherwise, find an excellent rental and stick it out for a few years. Example do the math: 4 years 48 payments rent @ 2000 a month leaves you at 96000$ spent with 0 sum game. Borrowing private money at 10% but putting equity in the matrix rather than just renting... might not seem so bad.
0 votes
We are currently renting & just hate throwing our money away :( Our lease is up in June so we are hoping to find a mortgage broker or a lender who can work with us since we have a 10-15% down payment ready, along with good income/credit scores.....worst case scenario we exrtend the lease. Thanks for your thoughts!!!
Flag Mon Apr 8, 2013
Kenneth "Ken…, Agent, Dallas, TX
Wed Apr 3, 2013
I don't think you can. However, pick any 1 Lender and get real answers. Good luck.
0 votes
Flag Mon Apr 8, 2013
Flag Mon Apr 8, 2013
Richard Guil…, Agent, Dallas, TX
Mon Apr 1, 2013
Hi Jenn,

"Dee Dee" Culpepper
DHI Mortgage
214-607-4321 ext. 5867

Do you already have a Realtor/Broker to find your new home?

Visit my website for homes currently listed on the market: http://WWW.LUXEESTATESREALTY.COM
0 votes
Andrew Smith, Agent, Addison, TX
Mon Apr 1, 2013
I know of a house for sale in Dallas which qualifies for the MAP program, if you would like more information on that please contact me by phone or email

(214) 686-1507
0 votes
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