Buy again with short sale and one 30 day late

FHA has a product where you can purchase directly after a short sale, however the guidelines are very specific, and very strict... no late payments on any obligation in the last 12 months... so you might need to wait.. You can call the creditor and ask for a one time exception to remove the late payment.. It's possible they might.. But the best thing you can do is contact a local broker in your area and let them look at your complete scenario.. if you don't qualify for the FHA program, then with 20% down conventional, you can purchase after 2 years, and with FHA 3 years with 3.5% down.. 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

Dear Jgarre, how long ago was your short sale? The FHA will lend 2 years after a short sale. My personal opinion is that BOA has the best programs at this time. Please let me know if I can put you in touch with someone. Thanks, Kjhomefinder.com

You are going to need a clean payment histor after the short sale.

FHA possibly. Depends on how the credit report is reflecting the short sale.

I would like to hear what the reason is for the mortgage late so please message me privately through this site. Thank you!

It is possible with FHA has a product where you can purchase directly after a short sale depending on what is stated as the date of the late payment. The FHA guidelines are very specific, and very strict... no late payments on any obligation in the last 12 months... . You want to call one of the local Pinnacle Capital Mortgage Corporation offices and ask for one of the FHA specialist so he/she can look at your complete scenario.. as a direct lender we do about 2500 loans a month. I am a Mortgage Banker in metro Phoenix, AZ. I lend in both Arizona and California NOT Colorado but Pinnacle Capital Mortgage Corporation does have offices in Colorado and they will be pleased to help you.. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS!

I can help you 35 different investors to choose from here at MAC5 Mortgage Inc. If anyone can do it we can. Call me or text Jacob Cole Haddan Mobile 720-210-7898 (Call or Text)Email JacobH@Jacobdenver.comWebsite www.jacobdenver.comApply online,https://secure.web-loans.com/secure.aspx?u=mac5mortgage.vlending.com&lo=57SignatureJacob Cole Haddan - Mortgage Broker/Banker MAC5 Mortgage Inc. |www.mac5mortgage.com | 225 Union Blvd. Ste. 350 | Lakewood Co. 80228 | Direct/Cell: 720.210.7898|Home/Magic Jack 305-848-8255 | Fax: 720.407.6343 |Toll Free: 866.606.MAC5| Fax 866.426.2203 Regulated by the Division of Real Estate NMLS#232061 Colorado LMB# 100007576

You can look at doing a FHA loan but the loan will depend on how the short sale is reporting on your credit and also if you have any late payments.

Something to note: Short Sales may leave you in good shape in terms of a credit score, but a good credit score does not mean you can Pass Go and buy another property this quickly. Waiting Periods still apply for all lenders after a Short Sale or Foreclosure. The shortest waiting period for the future is with an FHA loan and that would be 3 years from the date that the Deed to the home was transferred out of your name.

Your 30-day late is likely to kill the deal for you. Sit down with a local non-bank licensed loan officer, let them review your situation to see if you qualify for the FHA short-sale exception.

FHA will allow you to go back into the market right away only if you had no mortgage delinquencies 12 months prior to the short sale completion date. Unfortunately I think you will have to wait 3 years for FHA, 2 years for VA, 2 years at 20% down or 4 years at 10% down or 7 years at the max loan to value with a conventional loan. That is with me anyways. Check with a local bank or credit union, they may look at this differently? Good luck and take care.

FHA is going to be the loan program you want but since you had a short sale it changes your timeline to purchase. You will have to wait 3 years for an FHA loan to buy again with smaller down payment. Other wise 2 yrs on a convenntional loan with 20% down or 4 yrs with 3% down. Good luck.

I finally got some good news concerning real estate. In 2011 I had to short sell my home and at the time I thought I would have to wait forever. My Realtor turned me on the the Flexible Credit Loan, http://www.cfsflex.com. It seemed too good to be true, but I got approved and now have a pending offer, even after my short sale less than two years ago. Big banks said it could not be done. Obviously it can.