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If I have a Short sale 2 years ago, I can still applying for a loan

by dmendoza63023296 from , Massachusetts. Nov 19th 2014 Reply


Stephanie Tourtellotte (Stephanie Tourtellotte)
#0 ranked lender in California - 33 contributions

Hi, If your short sale was 2 years ago you MAY be able to apply for a new loan if you can show that the hardship you previously experienced is now improved. Getting approved for this type of loan varies lender to lender, so I am recommending you go with a mortgage broker who works with a lot of different lender programs.

Nov 19th 2014
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Stephanie has given you good advice. Follow her suggestion.

Nov 19th 2014
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

If you are VA eligible, then two years is all you need. If not, then FHA could work if you meet the "extenuating circumstances" Stephanie is talking about. Otherwise you can apply, but you would not be able to close escrow until three years from the date the short sale closed escrow, or if the short sale was on an FHA loan, the three years starts when FHA paid the claim. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Nov 19th 2014
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Richard Shapiro (RShapiro)
#12 ranked lender in Massachusetts - 71 contributions

Your credit report will really determine this. If you were on time with your payments then the 2 years should be ok. We can check your credit with no cost or obligation. If the credit is ok, then we can give you a pre-qual. If its not, then we can figure out what your time frame needs to be. I am in Mass.

Nov 20th 2014
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Jim Paulino (JimPaulino)
#20 ranked lender in Massachusetts - 9 contributions

Yes, you will be able to apply though the "FHA Back to Work Program". The FHA Back To Work - Extenuating Circumstances program is the FHA's "second chance" for mortgage applicants who have experienced financial hardship as a result of unemployment or severe reduction in income. the program waives the agency's three-year waiting period. You no longer need to wait three years to apply for an FHA loan after experiencing a foreclosure, short sale or deed-in-lieu.If you have any questions or need some help feel free to contact me. I am a licensed mortgage broker in MA

Nov 19th 2014
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 89 contributions

Hi I am a Mass Lender. Robert Oliveira with Province Mortgage in Providence RI. f you are VA eligible, then two years is all you will need to try to qualify If not, then FHA could work if you meet the "extenuating circumstances" that Stephanie is talking about. Otherwise you can apply, but you would not be able to close escrow until three years from the date the short sale closed escrow, or if the short sale was on an FHA loan, the three years starts when FHA paid the claim. So call me to discuss 508 802 0935 or email me robertoliveira51@gmail.com

Nov 20th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

if you have VA benefits available to you ,then you can apply now. Using FHA, you need to wait 3 years, however, there are 2 programs that allow you to purchase sooner. The first one allows you to purchase one year past short sale, and the other allows you to purchase immediately after a short sale.. to find out if you qualify for either of these programs, you need to contact a LOCAL mortgage 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 your LOCAL 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 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 larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 20th 2014
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