You could possibly qualify for a conventional loan 3 years out of foreclosure and 2 years out of the bankruptcy if you have 10% or more down and acceptable extenuating circumstances. Typically the only extenuating circumstances I have seen be accepted are the death of a major wage earner or serious illness. Loss of job, job transfer or divorce would not be considered extenuating circumstances. If you have any questions please feel free to reach out to me through my profile.
You can purchase using a conventional loan 24 months after the deed was transferred back to the bank; as long as you have 20% or more to put down and have re-built your credit profile. If you are looking to buy right away then you may be able to qualify for an FHA loan provided you did not make any late payments (30 days) within the 12 months leading up to the shortsale. I would highly suggest waiting for the 24 month waiting period to pass so you can go with a conventional loan and avoid the expensive mortgage insurance premiums of an FHA loan. If you would like to learn more please feel free to reach out to me through my profile.
This would depend on several factors. You should contact a lender in your area that is able to originate USDA loans. You can search for lenders in your area by using the "Find a Pro" link at the top of the page and typing in your area information.
Unfortunately no, your loan-to-value ratio is based on the lower of the appraised value or purchase price.
The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included. Eligible closing costs and lender fees may be included in the loan or paid by the applicant.Source:http://www.rurdev.usda.gov/HSF-About_Guaranteed_Loans.html
If you click on the filter button you can customize your search. You likley have only the lots/land button clicked under the "Home type" section.
Interest rates increased more than 1% from May to July. Your pre-approval letter is not a commitment on the rate, or any other terms from the lender; it is more of an outline of the loan terms under which you were pre-approved. VA loans are extremely beneficial; they require no money down, no mortgage insurance and the guarantee fee can be waived if you have a service related disability of 10% or more. I'd be happy to provide you with a quote on a VA loan so you can compare it with what you are getting from your current lender. Please feel free to reach out to me through my profile.
Depending on what type of mortgage you currently have, there could be several options for you to refinance into a lower payment. However, more information is needed in order to guide you in the right direction. What kind of mortgage do you currently have? What is your current interest rate? What other factors, aside from the home's estimated value, are making you want to get out of the home? The first step is to arm yourself with the correct information. Please feel free to reach out to me through my profile if you would like to learn more. I am based out of Phoenix.
You are getting different answers because of specific investor overlays to the Fannie Mae/Freddie Mac guidelines. If you have 30% equity you can refinance after two years from the completion of the short sale. Conventioanl loan, fixed term, no mortgage insurance. It's just a matter of having enough equity (> or = 20%). The foreclosure is what's going to be the thorn in your side. If the foreclosure was due to a one time event that caused a drastic decrease in income, then you could refinance as soon as 3 years from the completion of the foreclosure; you just have to prove that the loss income is nonrecurring. If you were just taking advantage of a declining market, then conventional guidelines dictate 7 years and FHA guidelines dictate 3 years. Feel free to reach out to me through my profile if you would like to discuss this further.
The soonest you can acquire a traditional mortgage product after a short sale is either; A) 2 years from the date the short sale was completed (Conventional w/ 20% down or VA), or B) 3 years (FHA w/ 3.5% down or USDA). Your other option is a cash loan from either friends, family or hard money lender (no waiting period). Hard money loans typically require a high down payment and have high interest rates. It may be frustrating but, this is what the underwriting guidelines dictate; personal opinion holds no bearing.