Forum

Replies

  • jacqueline lee June 17, 2013 at 2:05am

    The 2nd loan with 20% down less than 2 years after short sale was done with Chase and the 3rd one is done with a regional lending institution in the Jacksonville market but each area has a lender that will offer loans like that and you can find them through mortgage brokers because those lenders market to mortgage brokers. Try some credit unions as well - not all but you will find some that are flxible.

  • Linda I. Rozales June 16, 2013 at 10:01am

    I just helped a family purchase a home using an FHA loan.  House was sold as a short sale 3 years ago and at the same time they filed for bankruptcy.  Lenders will do it for a minimum of 2 years if not in default, outside a reasonable commuting distance or due to extenuating circumstances.

  • Rodney Mason June 16, 2013 at 4:58am

    The timeframe after a Short Sale all depends on the loan program.

     

    Fannie Mae/Freddie Mac

    24 months after the closing date - with 20% Down payment

    48 months after the closing date - with 10% Down payment

     

    FHA

    36 month after the closing date

    HUD will allow an FHA mortgage immediately after the closing of a short sale if there were no mortgage lates in the last 12 months, the sale served as satisfaction in full, and the previous mortgage was not FHA or VA

     

    VA

    24 months after the closing date

    12 months after the closing date (by exception with extenuating circumstances only)

     

    If the mortgage from the Short Sale, was an FHA or VA mortgager where a claim was paid, the waiting period will be at least 36 month from the date the claim was paid before there is a clear CAVIRS.

  • Sharon Molnar June 16, 2013 at 2:46am

    It really depends. I was at a short sale closing, seller had not made payments in two years and was closing the next day on a new home.

    • Rodney Mason > Sharon Molnar June 16, 2013 at 5:00am

      I highly doubt the seller was getting a traditional mortgage on the new purchase.  With 2 years of non-payment, his credit would have been trashed aside from not meeting guidelines.  It was most likely either a cash sale, owner financing, or a hard money lender.

  • SE Davis June 16, 2013 at 12:55am

    Jacqueline Lee

    Sharing the name of those specific lenders may be very helpful to a lot of people on this site.

  • jacqueline lee June 16, 2013 at 12:47am

    I had one buyer who qualified for a FHA loan and purchased a house 3 month after short sale (2 years ago) and then another buyer bought a house this April with 20% down less than 2 years after short sale with a major bank at 3.75% and one more buyer currently getting a loan from a lender who will loan even a day after short sale or even foreclosure so long as it was an isolated case. The 3rd lender charges 6% interest and no timeframe requirement but interest rate is 6%.

    • Charlenia Owens > jacqueline lee June 16, 2013 at 2:33am
      Jacqueline

      I had been telling my agents and other Brokers that there are lenders out there lending money right away after a short sale. Can you provide at least one of the lenders you client have used?
      • Rodney Mason > Charlenia Owens June 16, 2013 at 5:04am

        FHA is 36 months after the closing date.

        HUD will allow an FHA mortgage immediately after the closing of a short sale if there were no mortgage lates in the last 12 months, the sale served as satisfaction in full, and the previous mortgage was not FHA or VA

  • SE Davis June 16, 2013 at 12:10am

    Google- "Waiting Periods required for significant derogatory credit events"

This reply was deleted.
********************************** like buttons ************************