Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for user36822899

What lender offers a "2nd chance" loan for short sales less than 2 years ago?

Short sale was about a year and a half ago.  Credit is good.  Cash for big down is good.  Income is solid.  I need a lender that will get creative with a 2nd chance loan before the full 2 yr wait is up.  Help!
  • September 25 2013 - Meridian
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Profile picture for user36822899
That is great information.  Hey thanks for taking the time to reply.  I really appreciate it.  I will dig in to this.
  • September 26 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Arizona Mortgage Pro
As Barb mentioned, FHA has released a program that allows for a new home purchase just 12 months after bankruptcy, foreclosure, or short sale. It is called Back-to-Work. The caveat is that you have to document that you went through an "economic event", which caused the short sale. Economic event is defined as a loss of employment or reduction of income which was beyond your control. You also need to complete a counseling program 30 days before applying for a loan (info can be found here: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm). Be prepared to provide a lot of documentation to support the economic event.

Best of luck!
  • September 26 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

No need to get "creative," what you seek is already available. FHA released their Back to Work program last month. It allows for people to purchase again after an event such as a short sale as long as 1 year has passed. You must be able to document that your income dropped by 20% or more for at least 6 months (i.e. layoff). As long as your credit has also recovered, you may want to check out this program.
  • September 26 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi!
Most of this is going to pertain to what happened during your short sale.
An FHA lender may be willing to give you a loan providing you did not miss a payment before the short sale went through.
If you did miss payments you probably don't have any options until 2-3 years have passed.

  • September 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.