looking to buy a house after short sale just last year 5/29/12 and 120 days late on credit report, ideas anyone

Asked by vmhill, Suffolk, VA Tue Apr 9, 2013

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Jeff Lurie, Agent, Suffolk, VA
Sat Jul 20, 2013
Hi vmhill,

You are not alone with your question. Real estate professionals are asked something similar every day. The truth is, it really depends on your individual situation combined with the willingness of one bank versus another to finance your new loan. You may receive a dozen denials before finding a loan officer who will even sit down to discuss it with you. I obviously cannot make magic happen, but there is a section on my website titled, "What the heck is a Short Sale?". My suggestion would be to take a moment to read it and I would be happy to answer any questions you may have. I have quite a few contacts with loan officers who service Suffolk buyers. The web address is listed in my signature line below.

I look forward to hearing from you!

Jeff Lurie
Wainwright Real Estate
Specializing in Suffolk, Franklin, Smithfield, Chesapeake, and Isle of Wight County
Licensed Real Estate Agent in Virginia
"Let's Make Moves Together!"
0 votes
Kelly Anne B…, Both Buyer And Seller, Suffolk, VA
Wed Jun 19, 2013
Where in Suffolk are you hoping to buy? We are selling our house and it's lovely!
0 votes
Patti Kane, Home Buyer, Boulder, CO
Mon May 6, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I a very happy to be able to purchase again.
0 votes
, ,
Tue Apr 9, 2013
Standard rule of thumb is 3 years from the short sale if you had lates within 12 months at the time of sale.

Here are the guidelines lenders work with regarding short sales:

A borrower is not eligible for a new FHA-insured mortgage if he/she pursued
a short sale agreement on his/her principal residence simply to
• take advantage of declining market conditions, and
• purchase a similar or superior property within a reasonable commuting
distance at a reduced price as compared to current market value.

Borrower Current at the time of Short Sale
A borrower is considered eligible for a new FHA-insured mortgage if, from
the date of loan application for the new mortgage, all
• mortgage payments on the prior mortgage were made within the month due
for the 12-month period preceding the short sale, and
• installment debt payments for the same time period were also made within
the month due.

Borrower in Default at the time of Short Sale
A borrower in default on his/her mortgage at the time of the short sale (or preforeclosure sale) is not eligible for a new FHA-insured mortgage for three
years from the date of the pre-foreclosure sale.
Note: A borrower who sold his/her property under FHA’s pre-foreclosure
sale program is not eligible for a new FHA-insured mortgage from the date
that FHA paid the claim associated with the pre-foreclosure sale.

Exception: A lender may make an exception to this rule for a borrower in
default on his/her mortgage at the time of the short sale if the
• default was due to circumstances beyond the borrower’s control, such as
death of primary wage earner or long-term uninsured illness, and
• a review of the credit report indicates satisfactory credit prior to the
circumstances beyond the borrower’s control that caused the default.
0 votes
Jennifer Tra…, Agent, Chesapeake, VA
Tue Apr 9, 2013
My suggestion would be to contact a loan officer (if you need a referral, I can certainly provide one to you) so they can tell you EXACTLY what you need to do in order to be able to purchase a home again. The other option you have is to purchase a property where the owner is offering owner financing, lease with the option to buy or land contract.
For more information, please feel free to call email me directly at jenandersonrealtor@gmail.com.
Jen Tramontana, REALTOR
Keller Williams Elite Western Branch
0 votes
I have contacted a loan officer and unfortunately they are saying the routine 3 years, but I feel like someone has done this before and there must be programs available. Thank you for your quik response.
Flag Tue Apr 9, 2013
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