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Can I get a loan without 20% down?

I had a short sale in 2014 and built my credit back up to 710, I only have about 6% to put down. Can I get a loan? by barberfreddy13 from Houston, Texas. May 11th 2017 Reply


SONNY BAKER (sonny@bedrocklending.com)
#76 ranked lender in Texas - 10 contributions

Yes - you only have to be 3 years from the actual date of the short sale And assuming you have job stability and debt to income ratios are in line then you will qualify today ! :) - Sonny

May 11th 2017
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Ivan Diaz (IvanDiaz)
#1 ranked lender in Texas - 23 contributions

Yes you can. Sonny is right. 3 yrs from the date of the short sale. If you had no late payments leading up to the short sale, no waiting period is required.

May 11th 2017
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Larry Gray (lgray_312_247)
#556 ranked lender in California - 1,126 contributions

If you are still a ways from the actual date foreclosure was filed then you can only obtain a loan with 20% down payment. You would need to check with mortgage brokers licensed in Texas and find out who does those loans. Perhaps, you would like reach the point of 3 years from your foreclosure date before you could save up that much more...unless a relative might gift the money to you.

May 11th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,727 contributions

Much more info needed, but in general, FHA allows for financing 3 years from the SS date.. For conventional, you need to wait 4 years.. Regardless, FHA requires 3.5% down, and conventional requires 3% to 5% down. Whether or not you an qualify is anyone's guess.. we look at all 3 credit scores of ALL borrowers and use the Mid score to determine if you are eligible.. you only provided one score. Debt to income ratios are also looked at,, but we have no idea what your monthly debt obligations are.. Job, Income, income type, property type, etc.. I could go on, but I'm sure you get it by now.. the only way to know for sure if you an qualify is if we look at your complete loan profile.. For this reason, I suggest you contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 11th 2017
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John Burke (jburke)
#31 ranked lender in Texas - 179 contributions

Hi Barberfreddy13,When was the sale date? Where you late on the mortgage in the 12 months leading up to sale? What type of mortgage did you have? | Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

May 12th 2017
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