There other alternatives in securing a mortgage after a short sale, other than Fannie Mae. Many sellers understand and are sensitive to the fact that many good quality, upstanding folks have been thru a situation such as yours and just don't meet the requirements to qualify for a standard loan.. Some of these Sellers are in a position to provide alternative short term (5-10 year) financing at reasonable market rates. These mortgages do not require approval by anyone other than the Seller. However, you would need to be in a position to make a reasonable downpayment and meet adequate terms. Sometimes these mortgages are amortized over a longer period of time than the actual mortgage (5-10 years) so your payments would be comparable, in nature, to a regular 30 year mortgage and then a larger balloon payment at the end of the actual mortgage term. The terms would be something negotiated with the Seller.
As Realtors, The Lasky Team, we introduce this idea with Sellers to give it consideration. If it is the right match up for Buyer and Seller, it is a win-win for all.
We have done many of these transactions and find they really do fill a need in the market place.
Currently we have a listing coming on the market with Seller financing for a 2 bedroom 2 bath condo in the heart of Sarasota that is really a jewel.
If we can be of any further help to you Dana, it would be our sincere pleasure. Our goal is to "Exceed Your Expectations".
Rita Ferrell Lasky
The Lasky Team