Five Rules for Buying a Foreclosure or Short Sale
September 25, 2012 By Leave a Comment
Buyers are still clamoring for real estate deals in this market. Foreclosures and short sales offer some of the best bargains, but also have a higher risk level. Still, more than four in five adults think foreclosures and short sales can be good deals, according to a recent American Society of Home Inspectors (ASHI) survey.
Some analysts say the rebound has begun and home prices may rise by the end of 2012. This means now may be buyers’ last chance to take advantage… Read More
Waiting Periods to Buy a Home After Foreclosure, Deed-in-Lieu, Short Sale and Bankruptcy
April 10, 2012 By 29 Comments
Here is a great chart to have!
Federal Housing Administration (FHA) Insured Loan
- Foreclosure – 3 years
- Deed-in Lieu – 3 years
- Short Sale – 3 years
- Bankruptcy (Chapter 7) – 2 years from bankruptcy discharge
- Bankruptcy (Chapter 13) – 2 years from bankruptcy discharge for automatic approval
Veterans Administration (VA) Guaranteed Loan
- Foreclosure – 2 years.
- Deed-in Lieu – 2 years.
- Short Sale – 2 years.
- Bankruptcy (Chapter 7 or 11) – 2 years from bankruptcy discharge
- Bankruptcy (Chapter 13) – 2 years from bankruptcy discharge for automatic approval
Conventional Conforming Mortgage Loan (meets Fannie Mae (FNMA) and Freddie Mac (FHLMC) Loan Purchasing Guidelines)
- Foreclosure – 7 years for full eligibility with Fannie Mae and Freddie Mac.
- Deed-in Lieu – 7 years for full eligibility with Fannie Mae and 4 years for Freddie Mac. Partial eligibility with Fannie Mae is available after 4 years for up to 90% LTV and 2 years for up to 80% LTV.
- Short Sale – 7 years for full eligibility with Fannie Mae and 4 years for Freddie Mac. Partial eligibility with Fannie Mae is available after 4 years for up to 90% LTV and 2 years for up to 80% LTV
- Bankruptcy (Chapter 7 or 11) – 4 years from bankruptcy discharge or dismissal with Fannie Mae and Freddie Mac
- Bankruptcy (Chapter 13) – 2 years from bankruptcy discharge (4 years from bankruptcy dismissal) for automatic approval with Fannie Mae or Freddie Mac.
Conventional Non-Conforming (JUMBO loans which exceed the maximum loan amount which will be purchased by Fannie Mae or Freddie Mac)
- Foreclosure – 7 years.
- Deed-in-Lieu – 7 years.
- Short Sale – 7 years.
- Bankruptcy – 7 years.
! Please note, if extenuating circumstances apply, waiting periods may be reduced. Generally with a manual underwrite. You can review extenuating circumstance guides through All Regs as they differ depending on FNMA, FHLMC, And Govt. Loans.
HAMP Extended to Offer Foreclosure Alternatives
March 13, 2012 By 1 Comment
President Obama recently spoke of the American dream of homeownership, and how that dream was shaken by the collapse of the housing and mortgage markets in 2008. In his State of the Union address to the nation, the president offered hope to homeowners trapped by falling home values and rising interest rates through a plan to cut red tape so homeowners can refinance to take advantage of currently low interest rates.
Not addressed by the president, but of equal importance to people whose homes are worth less than their mortgage debt, is the extension… Read More
This Week’s Foreclosure Deal
February 10, 2012 By 7 Comments
This is my pick for the week! This is not a foreclosure, it is a short sale, but a great deal none the less. Call me if you want to see this!
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Key Questions to Ask Before Buying a Foreclosure
January 5, 2012 By 41 Comments
Although foreclosed properties can be good deals, the process of buying is rife with pitfalls. Here is what you must know:
1. Have you done your research?
A foreclosed property may have all sorts of clouds on its title, from multiple bank loans to tax and contractor’s liens. Once you buy, you’re responsible for all such balances. Be especially wary of the situation where one bank forecloses, but another still demands to be paid.
2. How far has the process gone?
If the foreclosure hasn’t happened yet, it’s often possible to contact the owners and arrange a pre-foreclosure sale, which can benefit both parties… Read More
