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Mortgage After Short Sale

Is it possible to get a jumbo mortgage (zip code 06903) after a short sale on an investment property in Aug 2011. I currently have zero debt, self employed with adjusted gross income will be over $650K in 2012 and was $830K in 2011. Credit now back around 700. Reason for short sale was investment group went bankrupt and property was held in my name. Bank was aware of this (and my income) but only would allow short sale to occur if I let it get in rears and found them a cash offer. Went multiple months before I could find an offer on property. I have 10% to 20% to put down and plenty of liquid assets. Thanks by AlexMG_843_742 from Stamford, Connecticut. Dec 1st 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Because jumbo mortgages are a portfolio product, it's up to the individual lender and their own guidelines, and my guess is that none will allow a mortgage after 1.5 years post short sale.. Most conforming products require 2 to 3 years, so most require at least that long if not more.. And I Know for sure you will need a minimum of 20% or more down. There might be a hard money lender out there willing to lend to you sooner, but it would require much more than 20%.. probably closer to 30%+, and the costs and fees would be high, but there is a loan product out there... 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. 480-287-5714 WilliamAcres.com

Dec 1st 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

It is Possible but there are some factors that aren't mentioned that we would need to know such as were you part of the BK, were you behind on payments, If so how may months, then are you looking to purchase or refi, etc. Honestly, yours is a bit complex and will be best handled by a LOCAL mortgage broker and I am sure you will get someone here answering your questions and will be able to help you. Call them. Stay away from the national lenders as their rates are too high, regardless of what they advertise, take forever to close, cost too much, and can't handle complex files. Someone on this website will be able to help you. I only lend in Utah so if you know anyone in Utah that needs mortgage help please have them call me at 801-971-6901 or www.carlo.blueroof360.com. Thanks and good luck.

Dec 1st 2012
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Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

Circumstances are similar for far too many...not allowing you the short sale unless in arrears. That is not requiredby all lenders and has become less of a requirement to do a short sale. Had you not gotten behind on the paymentsat all and the short sale was completed successfully, you would have some options other than a hard money loan.After 3 years, FHA allows a purchase up to a certain amount per divided up regions according to average sales price of homes..That amount could be up to $729700 in some areas. I am wondering how high the monthly payment and upfrontmortgage insurance will reach though! I am hopeful after this period of unprecedented short sales and foreclosuresthere will be more flexibility in another year or two. Best wishes!

Dec 1st 2012
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Financial Services (FinancialServicesOnline)
#66 ranked lender in Pennsylvania - 5 contributions

We're enlightened on your short comings in business over the years. It's never advisable doing cooperative business with investors who cannot stand for their rights. We are ready to help. Contact us: financialservicesonline@outlook.com

Dec 1st 2012
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