I was talking to who was going to be my broker about getting ready to apply for my mortgage in June, since it’s the 3 year mark of my short sale. He said that if I had 5% down, he might have a lender who could offer a portfolio loan. Because conventional sounds better to me than FHA and that meant that I could actually buy now instead of waiting 3 months I agreed. He did the credit pull on monday and was working on getting me the pre-approval letter. Fast fwd to yesterday, he called me and told me that we are going to have to go FHA because my short sale doesn’t age until June (which he knew that) and therefore I couldn’t do conventional due to Fannie Mae guidelines. Needless to say I am extremely upset because I knew I couldn’t go conventional if the lender followed Fannie Mae/Freddie Mac and I feel like I was misguided.
What I’m upset about is that I can’t apply until June 11, he did the credit pull on March 7th, so the 90 days window will expire 4 days before I can apply again. How will it affect my credit when come June 11 when I apply AGAIN. Also, I know that the FHA number they issue can’t be done until a day after the 36 months of the short sale expire, but can I put an offer in a house let’s say end of May? can they issue a pre-approval or do they need an FHA number as well to issue a pre-approval? My mortgage scores were 674, 674 and 668. I don’t want the score to lower due to the hard pull last week and the new one I will have in June.
Thanks in advance!