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Real estate question. Short sold a home almost 5 years ago, have a current FHA loan, looking to purchase another property. Any options to get a loan?

mikeyz 1,530 666 August 13, 2015 at 07:59 AM in Home & Home Improvement (3)
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Last Edited by mikeyz August 13, 2015 at 02:06 PM
Here is my situation, i bought a home in 2005 conventional loan, then purchased another in 2010 with a fha loan while still owning the original home. We short sold the original home in feb 2012 as it was underwater and we could not rent it out to cover the mortgage.

Come today, our family is looking to move and get into a bigger home and there are a few that suit our needs.

The 4 year short sale date is Feb 2016.

Do we have any options now to get a second loan for another home? Can you do any contingent sale of our home now with the FHA loan?

We have 20% cash to put down for the new home if that makes any difference, dont have any dept at the moment, its just that short sale on our records. Both me and my wife work full time with well over enough to cover mortgage.

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#2
Quote from mikeyz View Post :
Here is my situation, i bought a home in 2005 conventional loan, then purchased another in 2010 with a fha loan while still owning the original home. We short sold the original home in 2011 as it was underwater and we could not rent it out to cover the mortgage.

Come today, our family is looking to move and get into a bigger home and there are a few that suit our needs.

The 5 year short sale date is Feb 2016.

Do we have any options now to get a second loan for another home? Can you do any contingent sale of our home now with the FHA loan?

We have 20% cash to put down for the new home if that makes any difference, dont have any dept at the moment, its just that short sale on our records. Both me and my wife work full time with well over enough to cover mortgage.
Short sale seasoning for a conventional loan is 4 years so you should be fine assuming your credit okay. I would not look at another FHA loan if you have 20% down. PM me if you have any specific questions.
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#3
Quote from Boomancini View Post :
Short sale seasoning for a conventional loan is 4 years so you should be fine assuming your credit okay. I would not look at another FHA loan if you have 20% down. PM me if you have any specific questions.
opps, it was sold in feb 2012, i just checked, so im shy of a few months for 4 years.
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#4
Quote from mikeyz View Post :
opps, it was sold in feb 2012, i just checked, so im shy of a few months for 4 years.
Then FHA would be your only option then since their seasoning is 3 years. My credit union has a program that would work with 20% down, but it would be on an ARM. If you want to buy before the three mark, you'd have to sell your current home though since you have a current FHA loan. You're only allowed to have one FHA loan at a time except in a couple situations.
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#5
if you have 20% down... then don't get a FHA loan.

Don't know the seasoning timing.

GOod LUck.
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