Mortgage After Short Sale

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

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.

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!

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