08-22-2012 10:05 AM
I need some help with getting a loan. If there is a mortgage officer that is willing to look into my case, it will be appreciated.
Bought a home in 2006 and sold in December 2009 in a shortsale.
Credit Score is over 720
My income is VERY good
Have no problem putting down 20%
Based on my research on Shortsales I can be considered as a regular borrower with no penalties if putting down 20% under common sense underwriting. Where can i get someone to work with my scenario to get a mortgage.
08-22-2012 10:46 AM
Have you called any banks or Mortgage Brokers in your area. The little information you provided does not seem like anything that would be a deal breaker.
08-22-2012 07:37 PM
I sold my previous home via short sale back in Nov. 2010. I am currently under contract for a new home. I am using a mortgage company that works with local credit unions. I had to ask around and heard several "no's" before I finally received a "yes". I applied through automatic underwriting and was preapproved. I will be putting 20% down and can't close until the day after the date of the sale of my short sale. My middle credit score is 712. I think you definitely have a chance but you really need to ask around and I would stick with local banks and credit unions rather than big banks. Good luck!
08-23-2012 05:39 AM
^^^^agree to the above about local banks and CU's. You will have to do quite a bit of research and calling. There are lenders out there that do hold their own paper too (called portfolio loans).
08-23-2012 07:03 PM
Keep asking! I also have my local bank as a back-up, they said they could provide me with a porfolio loan just in case I get to underwriting and I'm denied. Good luck!