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Can I qualify for a loan with 20% down, if I short sold my previous home almost 3 years ago?

We are being told by the mortgage brokers that we have spoken to, that we must wait 4 years for a conventional loan?  Are we getting bad information, or is that where lenders are today?
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October 01 2013 - Fresno
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Answers (7)

I suggest to speak to a local lender but it sounds like you would be a good candidate - You did not mention credit score though. But certainly speak to one. 
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November 20 2013
Profile picture for pako42
Gladding, we have a portfolio program where you can qualify 1 day after a short sale.
Different lenders have different programs and I think you believe that too from posting your question.

bets regards,
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November 15 2013
You should be able to get a loan through a Fannie or Freddie direct lender, such as my bank.  You have already seasoned the loan for 2 years.  Give me a call if you would like to talk more about your situation.
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November 15 2013
You may have been told that because that is what one lender requires. But all lenders are different and they don't always require the same thing. The usual wait period when you have 20% available is around 2 years. Since you are past that you have a much better chance at obtaining a loan. There are California lenders like myself that have been able to give loans to people in situations like yourself so give one of us a call. We would be glad to speak with you to help you get the loan you need!

Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me.

Good Luck!
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October 02 2013
Hello Gladding,
Yes you can, with 20% downpayment you are elegible after 2 years after a shortsale, and the required fico score is 660 or higher.

Please let me know if I can assist you with this.

You can reach via my profile or
626-643-2945
lgutierrez@gemcorp.com

Luis Gutierrez

Regards;
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October 01 2013

For a Fannie Mae home loan the following waiting period requirement apply:

Two year for transactions with a maximum of 80% loan to value so you in your situation it has been 3 years so if all else is good you could do this

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October 01 2013

Hi Gladding,

Depending on the circumstances, you may be able to qualify 2 years after the short sale.  Generally, you will be required to put a minimum of 20% down.

Feel free to contact me via my profile if you have any questions.

Best,

Bryan

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October 01 2013
 
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