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short sale october 2012. eligible to buy now?

I just spoke with wells and apparently i have to wait 4 years now? not sure this all applies to me i just want to see my options. my mortgage had been through the bank i have no idea what type of loan i had, if it affects this in any way by j.creston786421 from Henderson, Nevada. Oct 1st 2014 Reply


Aaron Gordon (agordon@guildmortgage.net)
#46 ranked lender in Nevada - 4 contributions

True, on a conventional loan but you can do a new FHA loan after 3 years.

Oct 1st 2014
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Nathan Kessler (nathan.kessler@guaranteedrate.com)
#44 ranked lender in Nevada - 70 contributions

Aaron is correct. If you want to go FHA after 3 years, that is an option assuming there is nothing else in the way of the finance. If you wanted to do Alt-A product, you can finance now,....but it requires a larger down payment. If you have questions, I am local at 702-522-6745 Nathan Kessler City First Mortgage Services NMLS 377217

Oct 1st 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Conventional guidelines just changed in August... prior to that, you would need to wait 2 years with 20% down.. now you must wait 4 years and would require 5% down.. For FHA, it's 3 years, and 3.5% down, however with FHA, there are exceptions to the rule.. Back to Work program allows you to purchase 12 months after, and there's another program that allows you to purchase immediately after a short sale.. to see if you qualify for any of these acceptations , try contacting a local mortgage broker and let him look at your complete loan scenario.. once he has all the information, he can properly advise you.. 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

Oct 1st 2014
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The waiting period varies depending in what type of loan you are qualifying for. For an FHA Loan it can be a 1 day, 1 year or 3 year waiting period depending on if there are late payments and/or extenuating circumstances. If you're looking to do financing with a VA Loan, the waiting period is only 2 years. The best advice I could ggive is to speak to a knowledgeable lender that will assist you in reviewing all of your options.

Oct 1st 2014
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Chris Gummerson (cgummerson11)
#363 ranked lender in California - 648 contributions

If you can do 30% down, there are options.

Oct 1st 2014
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Jamie Lynne (nationwidelenderforyou)
#143 ranked lender in Texas - 575 contributions

If you are going conventional the wait is 4 years. For VA it is 2 years. If you are going FHA the wait is 3 years, unless you qualify for the "BACK TO WORK" program and can show you had a detrimental loss that caused the short sale. You also have the option of putting 20% down and doing a portfolio program that we offer 1 day out short sale, BK or foreclosure. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803 or 702 562 7915. My name is Jamie and I have been lending nationwide since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803 or 702 562 7915

Oct 3rd 2014
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