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Can I buy home after short sale with no defaults ? How soon ? Credit score of 717.West Sacramento Ca

Ive heard FHA will lend mortgage to a someone that kept current on mortgage and ccredit after a short sale . If yes How soon can we get pre qualified ? And will interest rate affect us cause of recent SS. Gross income $28,100  , Monthly recurring debt $200, . Can we afford a $130,000 home after Taxes and  PMI?
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November 03 2011 - West Sacramento
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Answers (3)

It is possible to buy a home after short sale immediately with FHA if you weren't late on the mortgage during the short sale process and have a valid reason for the short sale.

If you were late on the mortgage during the short sale you will have to wait 2 years for conventional and 3 years for FHA.

Give me a call and we can discuss your situation.

Jared Leichliter
Mortgage Wholesale Network
888-842-4452
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March 26 2012
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Thanks for response, So who are the lenders that you have for me that you know of ?
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November 05 2011
You can qualify now if all mortgage payments due on the prior mortgage were made within the month due for the 12 month period preceding the short sale and all installment debt payments for the same time period were also made within the month due. This boils down to never having a late payment on your report if you actually want to qualify. I know of a couple of lenders that will fund these but be prepared to submit extra documentation and a detailed letter of explanation regarding the short sale. You will have to purchase a property that is a downgrade from the one you short sold and you will need to show that your intentions are not to game the market by repurchasing a similar home at a lower price. 


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November 03 2011
 
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