Best of Luck!
While browsing for other articles, I found your old thread.
Dean's answer is right on. Here is a link to the mortgagee letter:
You may also want to dive a little deeper regareding the details of your short sale to see if your old lender can come after you for the deficiency.
Here are more details on the changes FHA made, details on what to expect and you need to do to buy following a short sale.
3 years on a new FHA loan - 3.5% down 620 score
2 years on VA loan - 0% down
2 years on Fannie Mae - 20% down
3 years on FHA
2 years on VA
5 years on Fannie mae
2 years FHA and VA
4 Years on Conv
You can find out more info from the link below -
It's a portfolio loan that we underwrite and fund.
Buyers needs to have a minimum of 25% down, Minimum credit score of 600, Owner Occupied. Other qualifications do apply
Iâ€™ve found this program to be a great help to many people.
Iâ€™d love to be a resource to you!
Please give me a call at 801.790.0895.
1. who is the lender.
2. why are you selling short? Job relo etc.?
3. Has the lender given unconditional release?
See my blog for more info or to contact me with further questions about buying a home after a short sale.
Cash- No time period
FHA- 3 years from the short sale closed date
Conv- 2 years from the short sale closed date
I can personally tell you I have a seller that did a short sale in 2008 and just this year he has bought a new home... When he did his short sale his score was over 800 and after the short sale he had only 6 months of missed payments while we did the short sale. When all was said and done his credit score only dropped to 710...
That said, you do have many other options: Talk to your lender ASAP. Ask for a loan modification or some other type of settlement...With your good credit and payment history the Bank my offer an unsecured line of credit for the $18K, or another loan and pay it off. The Bank may keep your same interest rate,,,may stretch it out over 15 or 30 years...
Best of luck.
Check out my website under FORECLOSURE PREVENTION for more information...or contact me directly for additional help.
Best case scenario, you are probably looking at 18-24 months before you can qualify for an FHA-insured loan. Your particular case may vary depending upon how your purchase and sale agreement was structured and how the provisions to address the deficiency amount with your loan servicer were written. It also depends on how your loan servicer reports the deficiency to the 3 major credit services. You will want to pull yours to check & see. In some cases, it may be inadvertently reported as a foreclosure, in which case, you will want to have such corrected.
One final comment. The rules in real estate, banking and mortgage lending continue to be in a state of flux. The rules yesterday are different from today which will likely change again tomorrow. If your plan is to buy another home, I suggest that you choose a trust loan officer to counsel and guide you on the path of credit repair and the steps you'll need to take to qualify for financing once again down the road. Also consult with a full-time professional Realtor who knows the area of interest to you so that they can provide guidance on market values when it comes time to make an offer on your next home. Best wishes - Ted
I would start with Andy Perotti at Bankers Home Lending - He's a banker broker and he's got an underwriter in his office so he can tell you if any of the banks would be able to help you and how soon they would be able to help you. He may be able to find someone who can help you now, but if he can't he will give you good honest information that will help you.
His number is 636-949-7979 or 314-922-4653. Email is firstname.lastname@example.org. He's located at 2247 Bluestone Dr in St Charles 63303 - it's right off 94 between 70 and the page ave ext.