• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

Short Sale in 2011? How about a 2011 Bankruptcy?

April 7, 2013 by Scott Sheldon

Share on Facebook Share on Twitter Share on LinkedIn Share on Email

Think you can’t qualify for a loan because of a short sale as recent as 2011? Think again, you actually could qualify. How about a 2011 Chapter 7 bankruptcy? Yep, you can still potentially qualify. For anyone who had a recent short sale, even foreclosure or bankruptcy, read on….

Lending rules in place:

Short sale- a potential borrower can purchase a home again two years from the date of short sale with 20% down and at least a 620 credit score. They will need to provide the final closing statement from the previous property and pass Fannie Mae and/or Freddie Mac’s automated underwriting engine every mortgage lender has access to.

So if you’re short sale was completed in 2011, call it January 1, 2011 that would make you eligible to purchase a home again with 20% down or 20% gift January 1, 2013. Consequently, if you’re short sale was September 2011, then September 2013 would make you eligible to repurchase a home again.

 Foreclosure-a potential borrower can purchase a home again three years after a foreclosure, this means if you had  had a foreclosure in 2010 you can actually purchase a house three years from the date of that occurrence with as little as 3.5% down.

Bankruptcy-most common form Chapter 7, two years of a chapter 7 bankruptcy you can purchase a house again with 3.5% down. So if your Chapter 7 bankruptcy occurred in January 2011,  you’d be eligible to purchase again in January 2013.

If your potential loan scenario  contains a chapter 7 bankruptcy, a foreclosure or a short sale, that does not automatically preclude you from purchasing a house or refinancing a home with today’s low market rates. Supporting  financial documentation will need to be provided such as the full chapter 7 court approved bankruptcy papers all articles all schedules, final closing statement from a short sale transaction and/or the deed from the previous foreclosure.

Have a a unique credit question and are trying to get a mortgage? Start today by contacting Scott.Sheldon@nafinc.com.

Related Mortgage Advice from Scott Sheldon

  • How To Document A Foreclosure, Short Sale Or Bankruptcy For Mortgage Lending

    Getting a mortgage after foreclosure, short sale, or bankruptcy, or even a combination of the…

  • Mortgage After Short Sale or Foreclosure

    One of the things I am doing for folks who have been victims of this…

  • Can I buy a house 1 year after a short sale?

    Yes under the FHA Second Chance Program. The program allows a home buyer to repurchase…

  • How Long after a short sale can I get a mortgage?

    In order to get a mortgage despite having a short sale, you'll have to provide…

Filed Under: Credit Score Questions and Answers

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window