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what is the criteria to get a home loan?

I own a home in Santa Clara County.  I did a short sale on another home in January 2012 (almost 1.5 yrs).  My credit score is now at 700.  I want to sell my home now, and upgrade.  Can I get a loan now, or how long do I need to wait?
  • May 15 2013 - Campbell
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Answers (6)

FHA recently relaxed their mortgage standards, including elimination of the shortsales waiting period.  I recommend you talk to a mortgage broker that has access to 30+ lenders to find one that will work with your situtation.  Kimie Seaton at The Loan Story in Santa Clara is one of my go-to advisors.  Also Chris Bridgman at Absolute Mortgage Banker is able to do direct funding.

Hopefully the lending situation opens up for you. The next challenge may be getting an offer accepted that is contingent on the sale of your home.  
  • October 10 2013
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Financial programs seem to change daily. I would recommend you speak with a financial person from your local bank or other financial institutions to get a better idea of what you can do now. Check back with someone you like working with on a monthly basis and see what may have changed. Housing is such a large part of the economy, there will be other changes to the programs between now and the end of the year, for sure.

Best of luck to you,
Liz
  • August 11 2013
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There are several loan programs that you can choose from. It is best to work with a professional so you can  have your best choice. Check each loan requirements to know if you qualify for such.
  • August 11 2013
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Both Barb and Ken are correct. If not not in any rush I would recommend you go conventional with 20% down.
  • May 15 2013
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Barb is correct.  However if you didn't have any late payments on the mortgage of the short sale you can get an FHA loan 1 day out of short sale.  So if that is the case contact me through my profile and I should be able to help you.
  • May 15 2013
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The soonest you can obtain another mortgage after a short sale is 2 yrs with 20% down. Or, you can wait 3 years and go with an FHA, which at this point requires a down payment of only 3.5%. The clock officially starts ticking on your "waiting period" the date that the home was deeded out of your name.
  • May 15 2013
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