Profile picture for needfhaloan

FHA loan after short sale where are the lenders that will do this? (no lates,etc.)

Hi,  we are relocating across country and have had to short sale our current home.  We have had no late payments and will close later this month.  Prior to this short sale credit scores where 760 and 810.  We have very good income, no other debt.

I understand that new FHA guidelines would allow for a new mortgage right away.  However,  we have talked to two lenders (just in general terms) who say we will have to wait 3 years!!   I had read 2 even with lates (which we don't have.)

Is there anyone that would work with us prior to 3 years?   We have a family and moving to an area with basically NO rentals that would fit us and get us into school district we need.  What can we do?
  • September 15 2010 - US
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Answers (14)

Profile picture for user40819
Hi there, I was just wondering what the outcome was to your search?
  • March 22 2012
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Profile picture for needfhaloan
Thanks Timothy, we'll give you a call.
  • October 04 2010
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[Deleted for self promotion]
  • October 04 2010
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Profile picture for needfhaloan
well that's the problem. With kids,  we can only buy in a certain area because most of the schools won't work (special needs kids.)  We have a very limited area because the kids need a descent school.   Some are far and away better than others in Charleston.    I've contacted many posters on craigslist there and several were in "Nigeria doing god's work" and wanted me to send my personal info to them/money to get keys.....    I'll keep looking on there but for some reason this state's craigslist is a bit misused, although I'm sure there is some legit posters.  
We think we've found a few lenders that will work with us.   Otherwise, we can't settle into buying/renting a house in an area that won't work for the kids.   Only so much change we can put on them and we'd have to pass on the relo.    Just a shame there isn't a rental market in that area.
  • October 04 2010
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Profile picture for MoniqueU

i just looked up Charleston on Craig's list under owner sales. a few popped up. plus a company that does rent to owns and owner financed.

Look at the fixer uppers. there was an old farmhouse with 10 acres for sale for 74,000. check it out and make an offer. it said they were listening to all offers.
West Virginia has made Realtor and mortgage licensing so hard that most of them won't work with the cheaper homes. 
also check with the police in the area to make sure you aren't buying in a Chrystal meth or moonshine area.
they will tell you if there is a problem in the area.



  • October 03 2010
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Profile picture for needfhaloan
Unfortuntely,  the market we are wanting to relocate to has NO quality rentals.  We've contacted SO many realtors trying to rent to own on their vacant listings with no luck.  It seems unlikely that we can make the move without an actual financed loan.   It's such a strange area to not have any option
  • October 03 2010
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Profile picture for MoniqueU
go to craigslist for a home in the neigborhood that you want.
you will find all kinds of owner held paper homes.  realtors will list their owner held paper listings also.
Rates will suck, but after a short sale, you won't qualify for a good rate for a very long time.
I was told a short sale and foreclosure are pretty much treated the same way. Also if you did the short sales with Wellsfargo, then you will never be able to use wellsfargo again.I'm sure the other lenders are doing the same thing.

After  a few years refinance the owner off.
  • October 03 2010
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Profile picture for cory678
The lowest I've heard is two years as well. Below is a link to some good basic info about securing a loan after short sale. My friend went through this company when she bought a second home after short selling a little over two years ago, and she was able to have a free consultation with them, which helped her figure out her chances of getting another home, the time frame she could expect and loads of other info.  These guys may have better info about how you can get a loan after short selling in less than two years.

The link to the site is below, along with the article.

Good luck!

http://tiny.cc/loanaftershortsale_lies
http://homeloanacademy.com/
  • October 03 2010
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Profile picture for needfhaloan
We do have a job offer, same income which is more than suffient for a home in the new area.   It will be in Kanawha County (Charleston.)
  • September 17 2010
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What county are you moving to in WV?  Check out Active Rain, a real estate blog.
  • September 17 2010
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If you are relocating and then getting a job...that's a problem.

If you are moving to WV for a Job that has been offered to you and you have accepted the offer you are good to go.
  • September 16 2010
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Profile picture for needfhaloan
hmmm,   I think I'm finding that "relocation" might not mean what I think.   We are moving to WV for a new job.   So it's not the same employer but we are "relocating."   Does that cause issue?   We would plan to do the purchase right away if we qualify.  There are several homes that fit our needs and are already vacant. Would be under FHA limits.
  • September 16 2010
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You should be fine to buy right away depending on the "hit" your credit score will take when the lender reports the short sale to the bureaus.  Collect the relocation documents from your current employer to show the reason for the short sale.  I use Flagstar Bank for these scenarios.

Good luck
  • September 16 2010
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Profile picture for needfhaloan
We are moving to WV by the way.   Short sale reason was based on needing to get out of the area for new job.
  • September 16 2010
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