Wanting to finance a deal but I have a short sale in my history

[Carey Green]

I'm a total newb to all of this stuff but learning quickly from the BP podcast, books, these forums (thank you all).

I'm curious what all of you can tell me about the potential of getting financing for a multi-family deal when I have a shortsale in my past - about 2 /12 years ago. At the time I was transitioning from one career to another and simply didn't have the money to pay the mortgage on our home so the bank approved a short sale and it was completed.

Since then I have 200K of personal gross income this past year and it's growing every month through my business (non real-estate related).

I'm curious if it's possible to find a lender who would/could do the financing for purchase of a multi-family investment property (buy and hold) given those financial difficulties. I'm able to provide business P&Ls, or whatever is needed.

Thanks in advance!

[Chris Mason]

Hi @Carey Green,

Freddie Mac actually removed a specific waiting time requirement following short sale. Now, they want us to feed their software a copy of the credit report, and full scenario, for a yes/no answer. 

I've seen FHLMC's software say "no" to 775 FICO scenarios, and say "yes" to 675 FICO scenarios. A coworker of mine claims to have gotten a "yes" seven months following short sale, but I didn't see it with my own two eyes.

FHLMC treats their exact algorithms as a trade secret.

So no one can give you an answer either way without a full credit package from you.