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Profile picture for lmolina03

mortgage after short sale. have income and down payment

we have a score of 640. short saled our home in Massachusetts after finding a great stable job in north Carolina. (may 2011). income is $125k yr plus $12 k yrly bonus. in addition i have a contract with govt for telecommute job earning $58/hr (min 25 hrs a week- up to pax 40 hrs a week, but no max). we have just over $9k in old credit cards we are paying down, and a loan with our old mortgage company (agreed to as part of SS) for $10k at zero % interest for 10 yrs. we have no other debt, cars are paid in full. we currently have $10 k in savings but by closing (aug 2012) we shall have right around $25k for closing/down pymt.  does anyone know of a lender who would work with us on a mortgage? we have the house in mind (new construction-completed. $300k in Charlotte 28278 zip code. 4 bed 3 bath in very family friendly prestigious community. homes from the $200's into the millions. thanks so much for your help. we really want to have our 3 kids in a permanent school setting and back into a home.
  • April 16 2012 - Steele Creek
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Answers (5)

Profile picture for wetdawgs
Dear "whywaittobuytoday":

Is there a reason to answer a question a year after the person wanted to close?  16 months after asking the question?
  • August 24 2013
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Conventional mortgage loans: (680 minimum credit score)

    two-year wait period with a 20% down payment
    four to five-year wait period with a 10% down payment
    borrowers with less than a 10% down payment have to wait at least seven years

Federal Housing Administration loans (FHA): (620 minimum credit score)

    three-year wait period with a 3.5% down payment
  • August 24 2013
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In most cases you're going to have to find a portfolio loan at a local bank.  Fannie Mae reads:

Deed-in-Lieu of Foreclosure and Preforeclosure (Short) Sale

These transaction types are completed as alternatives to foreclosure. A deed-in-lieu of foreclosure is a transaction in which the deed to the real property is transferred back to the servicer. A preforeclosure sale or short sale is the sale of a property in lieu of a foreclosure resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.

 

The following waiting period requirements apply:

Waiting Period Additional Requirements

Two years 80% maximum LTV ratios

Four years 90% maximum LTV ratios

Seven years LTV ratios per the Eligibility Matrix

  • April 16 2012
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Profile picture for lmolina03
fantastic! many thanks David! We shall call today.
  • April 16 2012
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I have a mortgage lender that might be able to help you out.... [deleted by Zillow moderator. ]
  • April 16 2012
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