We closed on a short sale April 2011.I'm told we are eligible for a Conventional Loan with 20% down after 2 years. Any recommendations on a lender?

Asked by Jhardman36%40gmail.com, Tue Apr 9, 2013

We've tried several lenders in our area, but can't seem to find anyone that will even consider it.

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Deborah A. T…, Agent, Fort Myers, FL
Tue Apr 9, 2013
It would be very helpful to know where you have already tried and have been turned down and what the lender's reasoning was for not considering the loan. I would need more details before I could suggest a solution.

Deborah A. Ten Brink
Cell: (239) 440-1059
13379 McGregor Blvd.
Suite 2
Fort Myers, FL 33919
1 vote
Primary Residential Mortgage is saying 4 Years for Conventional.
McCaughan is saying 3-4 years.
I have sent the paperwork to VanDyk Mortgage and they are reviewing.

Thanks for your help.

Flag Tue Apr 9, 2013
Blanca Contr…, Agent, Cape Coral, FL
Thu Apr 11, 2013
Here's a suggestion.

Contact Lee County Housing Corporation. They are a local non-profit that works with individuals through their housing counselors. They will be able to direct you.

Here's their link: http://leecountyhdc.org/
Web Reference:  http://leecountyhdc.org/
0 votes
Ronald Wolch…, Agent, Fort Myers, FL
Wed Apr 10, 2013
Hi J

You are correct, but there are certain conditions you going to have to make/have. I strongly
Suggest you call and discus this matter with 3 different lenders. I highly recommend you give

Lewis Strasnick, (NMLS 210167) Mortgage Planner, with American Equity Mortgage
Cell (386) 547-3021. efax (866) 360-1913
email: lstrasnick@americanequity.com
website : http://lewis.strasnick.americanequity.com/

A call. It is my understand you can be correct! Why wait when the opportunities out there for you are great!

My understanding is, if you went through a short sale and are ready to buy a home again, there are different rules depending on which type of loan you are considering, how much you are planning to put down as a down payment and whether or not you had late payments on your old mortgage before the short sale was completed.

Fannie Mae/Freddie Mac Mortgage VA Mortgage FHA Mortgage
Wait Time 4 years with 10 percent down or 2 years 3 years or
2 years with 20 percent down or * Immediately
2 years with 10 percent down and extenuating circumstances

So while it is possible to buy again after a short sale immediately depending on the above circumstances, the more common scenario is to wait for two years and get a Fannie Mae/Freddie Mac loan with 20 percent down or waiting three years and getting an FHA loan with 3.5 percent down.

Give Lewis a call (Cell (386) 547-3021) and get the CORRECT answers.

you may also enjoy my pinterrest page: http://pinterest.com/realtorronw/
and my other blog: http://rwolchesky.wordpress.com/

Good Luck J My Best

Ronald (Realtor Ron W) wolchesky
"Success is when we work together to achieve your GOAL!"
License in Florida
Home: 239-349-4684
Cell: 239-209-1923
Fax: 800-632-3096
0 votes
Curly Sue, , Texas
Wed Apr 10, 2013
April 2014 for FHA..........................................................
0 votes
Blanca Contr…, Agent, Cape Coral, FL
Wed Apr 10, 2013
Dear J ~

You said you were "told". My questions is by whom? Every individual is different, therefore every case is different. Just because someone else may have gotten a loan doesn't really mean anything. Again, it's all based on the situation.

I can refer several lenders for you to consult with about your particular situation. My business is run on personal one-on-one relationships with my customers therefore if you contact me I can get your started.

At your service!
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Tue Apr 9, 2013
NOT ON THIS PLANET, NOT IN 2013! Who told you such completely inaccurate info?

Let's get this straight, did you basically forced the bank to allow you to walk away from your promise to pay and your financial obligation by claiming you could not make your payments, stopped making your payments and threatened them that you would go BK and would force them to foreclose?

But now, suddenly you have 20% to put down on a property and you feel the banks should simply forgive and forget and give you a loan?

Please respond.

0 votes
No reason for a reply unless you have something helpful. You don't know my situation. I know there are people that have taken advantage of banks and lenders, but there are also people that legitimately had a hardship and are trying to rebuild their life. Your opinions aren't wanted or necessary.

Flag Tue Apr 9, 2013
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