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Can I get a loan?

I had a short sale in 2015, my credit it 720 and I only have 6% to put down by basse.craig203 from Oak Creek, West Virginia. 16 days ago Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

More info needed, but in general.. FHA has the "Back to Work" program which will allow you to purchase 12 months after a short sale, foreclosure, or BK.. the guidelines are strict, and few that apply actually get approved. but it is an option.. Otherwise, you would need to wait 3 years from the date the deed transferred out of your name.. for conventional, it's 2 years with extenuating circumstances.. otherwise it's 4 years... If you have VA benefits available, then 2 years is all that's required. I'm a preferred Lender with California and Arizona 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

16 days ago
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Scott Kinne (Skinne)
#30 ranked lender in Virginia - 67 contributions

Thanks for your question. After having a Short Sale, the period of time you need to wait before being able to obtain new financing will vary with the program you want or qualify for. For example, while VA loans do not have ANY waiting period, FHA & USDA each requires a 3 year waiting period, but Conventional loans require 4 years! I can say that FHA will allow immediate financing after a Short Sale if you were NEVER late on the mortgage. However, most lenders would not even consider allowing a Short Sale unless you were late. Hope this helps. Scott Kinne NMLS ID# 182351 - First Heritage Mortgage

16 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,553 contributions

In the best rate traditional market, no. Not until it has been at least three years from the date you closed on your short-sale. In the higher interest rate non-conforming or sub-prime market, maybe... Your odds improve if you had a bigger down payment or 10% or more.

16 days ago
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Dan Paladin (dpaladin)
#1 ranked lender in California - 442 contributions

There are what we call NON-QM loan products that allow for you to purchase. These loans are not Fannie/Freddie or FHA as you would not meet their guidelines for seasoning on a short sale as pointed out. Rates are higher due to the risk. Down payment may need to be higher. Typically at least 10% down. Check with a local mortgage banker that offers these products.

16 days ago
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