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Answers (7)
- Simon Mills, "Mills Realty"
- Contributions:1858
Your probably going to better off waiting another 18-months when more options will be available to you. What is the rush to buy?
- Susan Darby, "Susan Darby"
- Contributions:58
It's definitely very difficult to obtain financing after a short sale with late payments. If there are no late payments and a good explanation you can get a FHA loan right away. I've done it personally and I have a client who's in the process of closing her short sale and buying a new house right now. Unfortunately, when the payments go late, that opportunity is gone. You may be able to go FHA after 24 months in you have a good explanation and good credit. It sounds like you will be able to do that in a few months. The only other financing I've heard about in your situation is a hard money loan but that typically requires a large down payment and a high interest rate. Hard money is private investor loans and there seems to be quite a bit of that available right now. Normally they will want at least 30% down and probably around 12-14% interest with a balloon down the road.
- Jeff Giordano
- Contributions:24
Your best bet is to talk to an excellent mortgage broker, send me a quick e-mail if you would like a referral.
All the best,
Jeff
All the best,
Jeff
Which bank is that Fred? Is it a secret?
- Fred Glick, "Fred Glick"
- Contributions:130
In CA, there is a bank that will do 18 months with an excellent explanation.
For example, you must have had a serious medical condition, unfixable job loss, etc.
If that's the case, then it may be able to be done with 20% down.
For example, you must have had a serious medical condition, unfixable job loss, etc.
If that's the case, then it may be able to be done with 20% down.
The answer Justin gave you in the buying section was the correct one. You may get a different answer here, but that won't help if it's not a correct one.
- Shashank Shekhar, "LendingExpert"
- Contributions:16
Fannie Mae (Conventional) loans guidelines suggest 2 years wait if you can put down 20% and FHA guidelines require 3 year wait if you missed your payments, which looks like you did. There are concessions per guidelines for "extenuating circumstances", but in my experience I haven't come across any lender who would accept that. You can certainly try, but it's not going to be easy.
Lending after Short Sale (18 months)
Are there any lenders willing to loan after 18 months? I know about the guidelines for FHA, but heard there is also some grey area based on circumstances. Ours was a family illness resulting in death.
Credit shows missed payment of 60 days - never went into default. My credit is 700, spouse is 780+. Documented income (190k+).
Any help would be appreciated!!
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