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Financing question

I make about 200k a year with wife.
DTI is about 46% 
We both had a foreclosure /shortsale about 40 months ago.
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January 10 - Clearwater
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Answers (10)

Hello

I am Mortgage Loan Officer in Orlando and therfore very familair with your situation

You should be fine as long as you have re establihsed credit ( you will need 620 minimum)
You can do an FHA or Conventional ( we may have to bring your DTI down slightly) and you will need an explanation as to what led to your short sale

Tom Bawany
NMLS # 519971


 
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February 20
You should be fine assuming you have reestablished good credit and meet other FHA or VA guidelines.  Are you looking to buy in Clearwater? 
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February 18
I know a very good mortgage person who did my buyers' FHA and VA loans, let me know if you are still looking. Warm regards, Anna
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February 14
Hello

You should be able to qualify

1. FHA new waiting period is 1 yr with explanation , 3.5 % down, 620 credit score
2. VA has no waiting period with satisfactory explaantion,  0 down 600 credit score
3. Conventional  , 3 yr waiting period,  with satisfactory explanation, 660 credit score 10% down

You need to be at 45% DTI or less , 

Pls contact me for further details on your individual situation

Tom Bawany
Mortgage Loan Originator
NMLS 519971
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February 04
Hello ghancock1,

Congratulations on taking the first step in getting back into a fantastic real estate market. There are things you need to know about trying to qualify for a home loan after a foreclosure/short sale.

FHA allows for you to purchase a home after only 1 year from a foreclosure/short sale if...there is at least a 20% reduction of income for at least 6 months leading up to your foreclosure/short sale, and you have reestablished credit in those 12 months. This was updated with the "back to work" mortgagee letter.

If there was not a 20% reduction in income then the waiting period would be 3 years from foreclosure/short sale. With that said, if your loan that you defaulted on was a FHA loan, then you would have to wait 3 years from the date that HUD paid out for your claim. The only way to find this is out is to either contact a qualified lender that knows how to find this information or contact HUD directly.

I would be happy to investigate your situation further. I am local and we can meet in person if you wish.

Joshua Lerette - Sales Manager
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January 10
There is usually a waiting period for foreclosure and shortsales. The waiting period can vary depending on the loan and circumstance but since you are over the three year mark you should have some loan options available to you know. If you are considering about obtaining another loan, there is a good chance you should be able to have one as long as your finances are in place. The best thing for you to do is to speak with a lender directly to see if you can get started on financing a new home. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck
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January 10
Hello ghancock1,

That sounds like a do-able scenario thus far.  I would suggest you submit your information in the Zillow Mortgage Marketplace to find out what lenders can help you(I am fairly certain we should populate within that list). 

Kind Regards,

Al Norman
Branch Manager
PRMI - Casselberry, FL
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January 10
You will most likely have to go with an FHA Loan because of the Foreclosure/Short Sale and also the DTI.
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January 10
Looks good so far.  What kind of down payment are your putting down and what is your credit score?
 
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January 10
Was it a foreclosure or a short sale? I would go see a loan officer at the bank where you keep some of that $200k since they already know you.
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January 10
 
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