To qualify for a mortgage and buy again soon after a foreclosure, short sale, or bankruptcy, you will need an acceptable extenuating circumstance. If you don’t have an acceptable extenuating circumstance, you need to either wait-it-out, purchase a home with all cash, or come up with a large 35-50% down payment and find a private/hard [...]
Tag Archives | Foreclosure
Extenuating Circumstance to Buy After BK, Foreclosure or Short Sale
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Buy a Home Again After Foreclosure in CA – Waiting Periods Explained
Since I’m often asked, “when can I can buy again after foreclosure“, I thought it would be helpful to explain the waiting periods required to buy a home again after foreclosure. How soon you can qualify to buy again after foreclosure can depend on the type of loan program you use to purchase. Why? Because FHA, [...]
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Closing Cost Assistance for CA Fannie Mae Foreclosed/REO Bank Owned Homes
Fannie Mae HomePath just announced a special 3.5% closing cost assistance program for Inland Empire California home buyers who purchase a Fannie Mae foreclosure REO bank owned home. The limited 3.5% incentive requires buyers submit request with initial offer after June 14, 2011, and must close escrow before October 31, 2011. This is a great [...]
Reason #67 Why a Short Sale May Be Better Then Foreclosure or Strategic Default
There are many reasons why a short sale in California is often the better option compared to a foreclosure, strategic default, or even keeping your home, but this post will cover one big reason (soon coming) that is lurking in the FHA Reform Act bill that just passed the House of Representatives with an overwelming majority.
Seven Things Your Agent Should Know About Your Mortgage Approval
While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied. New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, HOA [...]
Five Myths About Home Values
A few years ago, when home values were just going up, most homeowners did not question appraisals much. It was the best of times. Over the past two and a half years, home sellers and even listing agents quite often question and pick apart appraisals. It was the worst of times. A Tale of Two [...]
Important Factors To Consider When Getting Financing On A Foreclosure, Short Sale or New Construction
Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing. If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan. Short Sales & Foreclosures – Short sales and foreclosures are everywhere. They often represent great [...]
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