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Is there *any* way to get a loan after a short sale 12 mos. ago?

Had to take a job in ATL in 2010 (relocating from Orlando), and after trying to sell my home in Orlando for nearly year, finally had to do a short sale in early 2011 to stop the bleeding. Credit score now in low 600s. Is it basically impossible for me to get a loan? I have a large family with kids, and we are not having good renting experience in ATL (current home we are renting, we found out, is getting foreclosed!). What if I get a co-signer? Or large down payment? Or sell my soul to the devil lol? Help!!
  • January 25 2012 - Midtown
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Answers (2)

With a large down payment, you should be able to find a private lender to do this and two years after the short sale you may be able to refinance.  Try Googling "private lender" and make sure the company is licensed for lending on owner occupied loans as a primary residence.  You can confirm the license is in place by searching on www.nmlsconsumeraccess.org/.  Also make sure there is no prepayment penalty.  My company makes loans like this.

Good luck!

Dan Howitt
The Westmoore Group, LLC 
  • February 16 2012
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Profile picture for michaelmccollum
It is possible.  The key is your answer to two questions.  Were you ever late on the mortgage during the last 12 months prior to the short sale?  And did the lender accept full payment from the short sale.  If your answers are no and yes respectively, you should be able to get an FHA loan.  I am in Atlanta.  Feel free to get my number from my profile and give me a call if you want to discuss. 
  • January 25 2012
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