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We sold in a shortsale. We have good jobs, 40% down pymt, no debt. Can we get loan?

The only payment ever missed were the house. It was severely underwater. Our cash will cover 40% of purchase of another home. Is a loan possible, if so, where and what type.
  • March 09 2013 - North Fort Myers
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Answers (6)

Profile picture for getpreapprovedfast
There is no waiting period if you made your payments on time.  If you where late options exist but very limited.
  • March 09 2013
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A conventional loan would require a 2 yr waiting period with min. of 20% down, and FHA 3 years since you had late payments prior to short sale.. You might find an owner willing to sell on a delayed closing/lease until April of 2015 or a seller that would hold a 60% loan until you could refinance, Would make sure you made note term at least 4 years just in case. No credit issues over next several years in any event.
  • March 09 2013
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It closed just a few days ago. March 2013
  • March 09 2013
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What month and year did the short sale close?
  • March 09 2013
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Profile picture for user4721547
We were surprised also but the bank had withdrawn it's foreclosure action 2 years ago at the last minute. Most of the cash we now have was in a non-performing rental property that sold around the same time as our house. The range of houses we are looking at are in the 100 - 130 price.
Thanks for your answer.
  • March 09 2013
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I am surprised the bank let you short sale with assets that would now cover 40% of a new house. I would speak to a lender, but I would not give good odds if the short sale was not several years ago.
  • March 09 2013
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