Conventional Loan with 10% Down 3 years 7 mos after Husbands Short Sale?

To get a conventional loan with only 10% down, you must have 48 month since the short sale deed recorded. If you want to buy now, then FHA/VA/USDA is the only way to go. Work with a Licensed Mortgage Professional to determine what is best for you. You may find that waiting a few short months is the smarter route to take, but the guidance from a qualified professional can help you make the decision. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Hello, That is a very good question. To go conventional you need to wait 5 more months for a total of 4 years since short sale. If you have 20% down, you only needed to wait 2 years. Please let me know if I can help any further. Have a wonderful night!Jeff Beadnell661-209-8737Jbeadnell@pfmd.com

Keep in mind that your payment may not be that much different for a conventional loan vs a FHA because both the interest rate and the cost of the PMI is impacted by credit score and 700 is well below the ideal of 740+. A good loan officer will look at both options for you.

For someone with a short-sale, a conventional loan with 10% must wait a minimum of 4-years. With 20% down, just two-years. FHA, VA, and even USDA Rural Development loans will allow as little as 3-years after the short-sale. You only option to go conventional and save on the mortgage insurance is to simply wait just a little longer. www.StPaul-Mortgage.com

Good Morning. As Jeff noted, you could get financing with a 2 year time lapse since the BK Discharge with 20% down for Conventional Loans or choose to put 10% down once the 4 year waiting period has passed. For FHA, you may consider a 15 Year Fixed, where you will still have the full upfront mortgage insurance premium of 1.75% which is typically financed into the mortgage or you can choose to pay that as part of your closing costs. The annual mortgage insurance is much less on a 15 Year than a 30 Year FHA Insured Loan. For instance, if you choose to finance up to 90% on a 15 Year Loan, the Annual Mortgage Insurance Premium would be .45% as compared to 1.30%. On a $250,000 loan, the the 15 Year MI will be $1,125 per year ($93.75 per month) as compared to $3,250 per year (270.83 per month). Another thing to consider is rising interest rates and rising home values, so if you choose to wait another 5 months, the cost for the home may be a bit more than it is today! I'll be happy to discuss any and all options with you directly if you'd like, so feel free to reach out offline through the Lender411 website! Have a great day!