Mortgage Loans

[Tahul]

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.

Background
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.

[indecison]

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.

[Tahul]

Yes spoken to a few mortgage brokers and I am told that i HAVE to wait 3 years. I read that it was 2 years if able to put down 20%

[maryellis1981]

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!

[StartingOver10]

^^^^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).

[Tahul]

Thank you all, I have received a lot of NO's thus far but will change my approach moving forward and will let you know know

[maryellis1981]

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!