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Asked by Ray, Corona, CA Tue May 8, 2012

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Answers

21
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Tue May 8, 2012
Sam,

This question is so common that I created a short video on the topic. You can view it at the link below.

Rob Spinosa
rspinosa@rpm-mtg.com
1 vote
Nazar Kalayji…, Agent, Eastvale, CA
Tue May 8, 2012
Sam, you ask a question that is asked all the time. The good news is the answer is yes! There is always a way to get a loan. Call me for more details.

Your local Corona specialist!

Nazar 951-444-8020.
1 vote
So you are saying I can get a loan soon and buy a house no problem?
Flag Tue May 8, 2012
Craig Yace, Agent, Corona, CA
Tue May 8, 2012
Craig is right. I strongly recommend you get with a real estate agent and lender who is totally up on the rules (because they change all the time).

If you need help in buying in the Corona or Eastvale market, that brings a need for a greater level of skill.

Craig Yace
951-733-5400
Web Reference:  http://makecoronahome.com
1 vote
We stopped paying in order to but the house Short sale.
credit score is above 7 and my wife as well.
Can I buy a house using her name even tho she doesn't make good money?
Flag Tue May 8, 2012
Ryan Smith, Agent, Murrieta, CA
Tue May 8, 2012
Thanks Gregorio for bringing something to my attention. It appears that I may need some more coffee this morning. My answer was incorrect. FHA wait time is three years and Conventional is two years...I had it backwards. My bad!
1 vote
we were late on payment yes.
Is there any new programs that can help to buy a house withen one year?
Flag Tue May 8, 2012
Craig Chasta…, Agent, Rancho Cucamonga, CA
Tue May 8, 2012
Hello Sam,

It would depend on a couple of things. First have you ran your credit since the short sale closing to see how they reported the sale to the bureaus? Also were you delinquent on paying the mortgage during the short sale, or current with the payments until the end? Based on your specific scenario, you may be able to qualify, but I would have to talk with you first.

Please feel free to give me a call when you have a free chance.

Thank you!


Craig Chastain
Realtor/Owner
Next Level Realty
909.243.4251
sellyourhomewithcraig@yahoo.com
1 vote
Sam,

How was the short sale reported on your credit report? What language is used? I see you have 20% down. If you have 30% I have someone that can do the loan no problem. If not, I would have to speak with you to find out more about your specific situation.
Flag Sat May 12, 2012
Thank you craig, My credit score is about 7.20
not too bad. Is there anyway I can buy a house this year in Corona / west Corona.
Flag Tue May 8, 2012
Cameron Novak, Agent, Corona, CA
Thu Feb 14, 2013
Of course you can buy a home after 12 months. Contact the folks at The Homefinding Center in Corona off Green River. They will advise you how to proceed.
0 votes
Hena Martin, Agent, Hot Springs, CA
Thu Jan 24, 2013
How long has it been since you closed your home in a short sale ,if it is 3 years and you have taken care of your credit along with the other factors ,you should be fine ,call for free consultaion .
thanks
HENA MARTIN BROKER OWNER
760-251-2868
0 votes
, ,
Tue Jan 22, 2013
Where you late on the mortgage payments before or during the short sale process?
0 votes
Cameron Novak, Agent, Corona, CA
Tue Jan 22, 2013
Best option for you. Continue to keep your credit current and look for a loan after 24 months.

Good luck.
0 votes
Thomas Jandt, Agent, Corona, CA
Thu Jan 17, 2013
If you have enough down payment, you can always get a hard money loan at much higher than usual rates (only if you can afford it) and then you can refinance it once you qualify for an FHA or Conventional loan in another year or two.

BUT ONLY DO THIS IF YOU CAN ACQUIRE A DISTRESSED HOUSE AT A BELOW MARKET VALUATION (Which is close to impossible in this market).

Good luck and happy house hunting!

-Tom Jandt
REALTOR
Hilton Thomas & Associates, Inc.
http://www.hiltonthomas.com
tom@hiltonthomas.com
1-866-766-1112
0 votes
Hi Tom, That's what I did was get a house with a Hard Money loan after 11 months from my short sale, now the question is when can I refi using conventional or FHA loan. Thanks.
Flag Wed Mar 6, 2013
Miekeba Jones, Agent, Silver Spring, MD
Thu Jan 17, 2013
Hi What's up! Every lender is different. Consult a mortgage lender.
0 votes
, ,
Thu Jan 17, 2013
I specialize in helping people buy after short sale. If you didn't have any late payments with the short sale you may be able to buy with an FHA loan and 3.5% down depending on your situation. If there were late payments you will have to wait at least 2 years for conventional starting with 20% down. The down payment requirements for conventional will ease with time. If you were late you will need to wait 3 years for FHA and have 3.5% down. Let me know if you have any questions.
0 votes
Rich Conley, , Lake Forest, CA
Fri May 11, 2012
FHA guidelines are generally 36 months from date of recording. Conventional guidelines can be much longer.

Often times lending guidelines will read' "Documentation of extenuating circumstances (job loss, reduction of income, medical, divorce leading to the event required, as well as documentation that the borrower's situation has improved may help."

Brad Yzermans is right when he said, "Well yes.....if you have bundles of cash...nearly anyone can buy right after."
0 votes
Ray Wright, Agent, Riverside, CA
Wed May 9, 2012
To comment on your second comment, there are NO stupid questions. FHA does allow it if you follow certain guidelines, however it is difficult to find an investor to take it. There are extenuating circumstances , however I would need more info before being able to really answer this question. The first step is to get with a Realtor. The second step is to have that Realtor refer you to the lender he or she works with so you can discuss your qualifications. Fell free to contact me for more info or if you have any further questions.

Ray Wright
Realtor/Certified Pre-Foreclosure Specialist
Keller Williams Realty
Direct: 951-354-1303
email: RayWright@kw.com
0 votes
Diana Margala, Agent, Rancho Cucamonga, CA
Tue May 8, 2012
There isn't anything that I am aware of that will allow you to purchase that soon. You also asked about your wife being ablt to purchase. If she wasn't on the previous loan, then yes she can purchase now, however she would need to qualify according to her income, credit score, debt ratio etc. Your best bet is to talk to a lender.

Diana 909-560-0145
Web Reference:  http://www.dianam.com
0 votes
, ,
Tue May 8, 2012
Did you have late pays leading up to the short sale? What was the purpose of the short sale? Job relocation? or just decided to dump the giant mortgage? Are you eligible for a VA loan?

All these variables play a big role.

In the web reference link below is a good up to date post to read about all your options to buy again after a short sale in California. It also has a link to another good blog post about extenuating circumstances that may allow you to by sooner.

And guess what, these guidelines could change and allow you to buy sooner (or later).....so stay in touch for any new updates.

FYI - people will say yes to your question without telling you you'll need 30%- 40% down payment and a hard money high rate high fee loan. It's very misleading. You wouldn't believe how many calls I get from people who short sold recently based on some agent telling them they COULD buy right after short selling. Well yes.....if you have bundles of cash...nearly anyone can buy right after.
0 votes
Thomas Jandt, Agent, Corona, CA
Tue May 8, 2012
Typically you need to wait 2 years after a short sale to be eligible to buy again, depending on the lender and whether or not the loan used is government backed.

However, a good strategy to lock in today's price is to find a good lease option purchase that will give you at least 2 years, that way you generate interest in the property while you make your monthly payments, which lessens the down payment down the road and if you believe prices are going to rise in the near term, it allows you to guarantee today's market price.

However, it can be difficult to find a lease option that is also the home you are looking for, as they are far and few between. Plus, real estate values will likely be lower in 1 to 2 years, so it is probably a better idea for you to save your money, invest it wisely and wait until your credit has recovered from the short sale so you'll qualify for the best rate possible when you are ready.

Good Luck!
0 votes
Thank you for your comment on my post. We are not looking for lease option to buy.
Flag Tue May 8, 2012
Ray, Renter, Corona, CA
Tue May 8, 2012
My wife work at home /part time design job. Can she buy under her name? or it doesn't work that way? may be its a stupid question but we are really disparate to buy a house.
I make good money and I do have 20% down payment.
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue May 8, 2012
It will completely depend on how it was reported and what affect it had on yoru credit, your best bet is to meet with a local and trusted loan officer who can prequailify you at no cost and let you know what you may qualify for or what you will need to do to qualify.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Gregorio Den…, , San Diego, CA
Tue May 8, 2012
John is correct if you are talking about FHA guidelines. With a conventional loan you can repurchase after 2 years with 20% down and after 4 years with 10% down. If there were extenuation circumstances you may be able to repurchase after 2 years with 10% down.
Web Reference:  http://HarpSupport.Com
0 votes
Ryan Smith, Agent, Murrieta, CA
Tue May 8, 2012
Hello Sam, this all depends on a few things. Were you late on your mortgage when you sold your home? Are you current or former Military? In many cases there will be two year seasoning for FHA with 20% down and three year seasoning on Conventional financing. I'm not a lender or financing expert, so you'll probably be better off talking with some of my contacts. Feel free to reach out to me via my profile and I'll get you their numbers.

Thanks Sam and have a great day!
0 votes
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