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I had a short sale that was closed in Jun/2014. I am looking to sell my home and buy another. I wanted to do this now to take advantage of some year end benefits from the builder and I have a good qualified buyer for my home.
I applied for a mortgage and they are all denying me because my short sale is still not 4 years old. I can not do FHA as well due to the loan amount being over the FHA limit for my area.
Does anyone has any suggestions?
@emferrari wrote:I had a short sale that was closed in Jun/2014. I am looking to sell my home and buy another. I wanted to do this now to take advantage of some year end benefits from the builder and I have a good qualified buyer for my home.
I applied for a mortgage and they are all denying me because my short sale is still not 4 years old. I can not do FHA as well due to the loan amount being over the FHA limit for my area.
Does anyone has any suggestions?
What is the purchase price you're looking at & what state & county are you buying in?
North Carolina, Mecklenburg. The loan amount will be around $340K.
@emferrari wrote:North Carolina, Mecklenburg. The loan amount will be around $340K.
Unfortunately your only option at this point is FHA with about 40K down or waiting until you hit the 4 year mark for a conventional loan.
If you qualify under extenuating circumstances the wait for a conventional loan can be reduced to 2 years.
What's the FHA limit?
The purchase price is $449,900, I am putting down $100,000, the loan amount will be $349K. You are saying I need to put $140K down?
@emferrari wrote:What's the FHA limit?
The purchase price is $449,900, I am putting down $100,000, the loan amount will be $349K. You are saying I need to put $140K down?
The limit is going up starting 1/1/18 to 290K so I was a little off.
What was the reason for your previous shortsale?