Buying again after previous short sales

[Nelly R.]

Hi all! I'm a newbie! I posted in the Newbie forum but figured I'd post here too! I have a few bucks in the bank and after reading several books and getting the "itch" again, I want to invest in real estate. A little background:

My husband and I currently rent our primary home (after previously short selling our other homes) and want to invest in properties before buying another primary home. It's been 2 years since we sold our previous homes so I'm thinking we would either need to go Conventional or find a seller who is willing to do a seller financing transaction. I'm not looking to purchase an expensive property to start off. Maybe anywhere between $25-75k and it would be a rental. From what I've read and researched, this seems to be the better route and it will set us up to bring in more money. If successful, it would provide a better future for our daughter when it's time to go to college and provide us with a bigger return as opposed to our $$$ sitting in a bank account.

My questions:

Should I start off by trying to get financing through a bank?

Does anyone know how to go about asking for seller financing?

Which would you prefer?

Can we get Conventional financing 2 years post short sale if we have 20-25 percent to put down?

I have a decent credit score , a great income and very little debt. I'd be looking to purchase the first the property on my own. Thanks in advance!

[Ted Schmidt]

Originally posted by @Nelly R.:

My questions:

Should I start off by trying to get financing through a bank?

Does anyone know how to go about asking for seller financing?

Which would you prefer?

Can we get Conventional financing 2 years post short sale if we have 20-25 percent to put down?

I have a decent credit score , a great income and very little debt. I'd be looking to purchase the first the property on my own. Thanks in advance!

1. It depends on your credit score. Most banks are looking for credit score over 700, if they do FHA loans then 640.

2. Mr seller, could you help me finance the house?

3. Seller financing.

4. It depends on your scores.