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Permalink Reply by Jeff Payne on August 16, 2011 at 5:01am

I would think that you are at the mercy of the underwriter on this one. Typically Wells Fargo underwriters are not local to you and the loan officer usually does not have much influence over the underwriter.  Keep us informed

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Permalink Reply by Shanna McManus on August 16, 2011 at 5:24am

I am actually in the process of buying after doing a short sale 2 years ago. I am going through Wells Fargo for a VA loan and the underwriter said the guidline for VA is 2 years from short sale closing regardless if my payment was late or not. We did not use our VA loan on the property that we sold short. The only way around it is if there was a significant hardship (death of spouse, major illness etc...) I hope that helps :)

 

Shanna

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Permalink Reply by Wendy Rulnick on August 16, 2011 at 5:36am

Shanna - Thank you for participating on the site and sharing your experience to help others.

Shanna McManus said:

I am actually in the process of buying after doing a short sale 2 years ago. I am going through Wells Fargo for a VA loan and the underwriter said the guidline for VA is 2 years from short sale closing regardless if my payment was late or not. We did not use our VA loan on the property that we sold short. The only way around it is if there was a significant hardship (death of spouse, major illness etc...) I hope that helps :)

 

Shanna

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Permalink Reply by Jeff Payne on August 16, 2011 at 6:13am

SOunds like a conventional loan may be the way to go.  Thanks for the insight

Shanna McManus said:

I am actually in the process of buying after doing a short sale 2 years ago. I am going through Wells Fargo for a VA loan and the underwriter said the guidline for VA is 2 years from short sale closing regardless if my payment was late or not. We did not use our VA loan on the property that we sold short. The only way around it is if there was a significant hardship (death of spouse, major illness etc...) I hope that helps :)

 

Shanna

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Permalink Reply by Jason Boykin on August 26, 2011 at 12:32am

Update:  Loan is approved.  I actually applied to Navy Federal as a backup and they approved me in 2 days (pending a termite and appraisal) and Wells approved me last night.  Both were 4.25% with no points.

 

 

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Permalink Reply by Eric Mieles on August 28, 2011 at 5:37pm

Thanks for sharing and the update Jason.

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