Need Advice on Obtaining a Mtg-2 years After Short Sale

[options11]

Thanks everyone for the replies. I had to start a new thread because my old one was locked. Let me start out by saying that I would never end up doing something like that. Not only is it against what i believe in, but its also fraudulent like many people pointed out. Although I am sure people have done it.  To be honest I was sitting on the computer going over in my head what we can do to obtain a mortgage, like I have for the past 1 1/2 years. I have rebuilt my credit, which wasn't hard because it was very high prior to my short sale, I am also now earning a very good salary. Also I have paid down my wife's student loans significantly, trying to raise her score. She has been working full time now as a teacher for 1 1/2 years, so she needs to wait another six months also. I guess I just don't want people to think I'm some sort of scumbag trying to cheat the system because I am far from that. It was more of a frustration question. I would appreciate it if someone could elaborate further on being able to obtain a mortgage 2 years after a short sale.

OP, 

I changed your title and nothing else. 

-Lexie

[n0smirc]

I would advise revising the title to this thread so it doesn't get automatically locked without a mod reading it and so you can actually get advice about mortgage after a short sale.

[BrianB_The_Loan_Professor]

Your wife is fine now - her college counts towards the time spent in the field of education.

As far as two years short sale - If there was no job loss or a uncontrollable cut to the income 2 years probably wont happen unless you have VA eligibility

Banks consider it the same as a foreclosure for time lines - so FHA is 3 years

VA is the only program that allows it at 2 years

Good Luck sounds like you are heading in the right path - just need to be patient - it will all come together

B

[StartingOver10]

Actually Brian, I have a couple of lenders that can do a conventional loan two years from date of short sale, but the buyer has to have a minimum down payment of 20%. If the OP wants to send me a pm, I can give him the lenders contact info.

If the down payment is less than 20% but at least 10% than the minimum wait period is 4 years on a conventional loan.

The reason you see 3 years for the FHA loan quoted most frequently, is because not everyone has 20% to put down.

[BrianB_The_Loan_Professor]

You are right that is an option with a larger down payment - our bank is pretty conservative and will only do this for a rock solid file, so I always forget about it as an option.

[ezdriver]

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@options11 wrote:

Thanks everyone for the replies. I had to start a new thread because my old one was locked. Let me start out by saying that I would never end up doing something like that. Not only is it against what i believe in, but its also fraudulent like many people pointed out. Although I am sure people have done it.  To be honest I was sitting on the computer going over in my head what we can do to obtain a mortgage, like I have for the past 1 1/2 years. I have rebuilt my credit, which wasn't hard because it was very high prior to my short sale, I am also now earning a very good salary. Also I have paid down my wife's student loans significantly, trying to raise her score. She has been working full time now as a teacher for 1 1/2 years, so she needs to wait another six months also. I guess I just don't want people to think I'm some sort of scumbag trying to cheat the system because I am far from that. It was more of a frustration question. I would appreciate it if someone could elaborate further on being able to obtain a mortgage 2 years after a short sale.

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When was your short sale?

What caused your short sale?

Did you have a drop in income of 20% or more that led to the short sale?

Google "BACK TO WORK" program and see if your situation meets the criteria of that program. I am currently re-purchasing a new home one year after my ch7 discharge under this program. I don't see enough in your post to know if you qualify.

CHANGE THE TITLE OF YOUR INITIAL POST.