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Mortgage Options?

My husband lost his job in Tampa, FL back in February 2011.  He is a software engineer and there were no jobs available.  We moved to the Seattle area and both got jobs.  We had a contract on our home in July 2011, but Bank of America would not process the short sale.  The next buyer came along in October 2011 and they finally closed on our home in October 2012.  It took B of A a while to get this done.  Because we could not maintain two residences we defaulted on the mortgage.

So, we have no late payments on anything before or after the short sale, except for the mortgage and HELOC through B of A.  We cannot do the FHA "Back to Work" program because our income was $267k in 2011 and only dropped to $236k in 2012.  Our only option is a conventional loan, but with the price of homes here a 20% down payment is $100k.  We do not have that kind of money, as all our money was tied up in our home in Florida.

Do we need to wait another 2 years and just get an FHA?  Or are there lenders who will still do 2nd mortgages for part of the down payment?
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November 16 2013 - Seattle
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Answers (4)

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Thanks. Our lease runs through March 2015.  It looks like we will just have to extend it a little longer through October 2015.
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November 19 2013
You have to wait unfortunately.
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November 19 2013
There are lenders out there who will do a 2nd mortgage as part of the down payment. The only issue that arises is we must look at your CLTV, or combined loan to value. If you put $50,000 of your own money down, get a 2nd for $50,000, and your first mortgage is $400,000, your LTV (loan to value) would be 80%, but your CLTV would be 90% if that makes sense. 

Conventional Guidelines:
2 year wait with 20% down
4 year wait with 10% down
7 year wait with 5% down

Typical FHA guidelines (not including back to work, ect):
3 year wait period with lates before the short sale

October 2015 with less than 20% down
October 2014 with 20% down

Keep in mind, I know very little about the situation. I may have missed something. Always get advice from multiple sources
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November 18 2013
Waiting is only option
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November 17 2013
 
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