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Old 11-12-2011, 01:27 PM
 
2 posts, read 2,689 times
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Hello everyone,

I am new to this forum and being someone already living in NJ it has been a help to read such great information. My family and I are going through a situation in trying to purchase a home and we would appreciate any information on this topic. Our situation is as follows;

We used to live in the tristate area but due to trying new grounds we moved to the south a couple of years back and returned to NJ in 2009. Due to the downgrading economy we had to conduct a short sale of our home which happened in January 2009. We are currently renting and we are trying to see if it could be possible to purchase a home after a short sale and if so how can we go about in doing this. I have contacted a couple of realtors, banks and even some mortgage brokers and it seems as if everyone is in the wrong page.

Some people say that you can buy a home after a short sale after two years, and some say three years. Either/or they say it is also with only 20% down and certain banks only would qualify you.

I would appreciate any information that anyone with knowledge of this can give me. We have two years now in NJ after this short sale was conducted and we want to be able to purchase a home soon qualifying for FHA if possible but we really would like to know if we could purchase a home soon or if we have to continue renting.

All information, tips, suggestions and assistance will be greatly appreciated.

Thank you for reading this thread.
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Old 11-12-2011, 06:50 PM
 
Location: NJ
17,579 posts, read 38,295,421 times
Reputation: 16098
Try the real estate forum. This question has been asked before and you can see what types of answers people have given.

But at the end of the day you have to find someone willing to give you a mortgage. If you are contacting mortgage lenders and they are telling you no that is a pretty clear sign.
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Old 11-13-2011, 07:53 AM
 
Location: Northern NJ
7,405 posts, read 7,360,683 times
Reputation: 10609
Quote:
Originally Posted by manderly6 View Post
Try the real estate forum. This question has been asked before and you can see what types of answers people have given.

But at the end of the day you have to find someone willing to give you a mortgage. If you are contacting mortgage lenders and they are telling you no that is a pretty clear sign.
Good advice. Mortgage professionals are the people you need to contact. They will actually be determining whether the answer is yes or no. Apply for an actual pre-approval and see if you get it. Also go to www.myfico.com and purchase your fico score. That is a key number for you know. If it's low, you will be renting for awhile until you rebuild it, preferrably to 750 or higher.
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Old 11-29-2011, 02:39 PM
 
127 posts, read 285,255 times
Reputation: 73
Default After Short Sale ...

Were you current on your mortgage prior to the short sale? I am a Realtor, and had clients who had to short sale, but kept up with all their payments and didn't have to wait at all before purchasing their next home. Most people are not in that situation. If you were not current, I believe FHA has a 3 year wait, but as others have said, a qualified mortgage professional would be able to direct you. If you have any specific questions, feel free to send me a private message and I'll be more than happy to help.
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