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10/26/2015

Mortgages Fast After BK Foreclosure and Short Sale















Purchase Mortgages without Fannie Freddie FHA waiting periods!!

Buy a house after credit problems - Loan program after Foreclosure BK Short Sale Modification with  one year and two year waits
Close on your purchase then wait for the conventional 4 years or 7 years to refinance
You will need funds for down payment and reserves
Borrowers provide two years federal taxes, past sixty days bank statements, paycheck stubs past 30 days, two forms of ID and anything particular to your credit profile

Notable Program highlights include;

·         1 year seasoning for major derogatory credit events (short sales, foreclosures, and bankruptcies)
·         85% LTV to $500,000, 660 credit score, 24 months satisfactory housing
·         80% LTV to $750,000, 620 credit score, 12 months satisfactory housing
·         75% LTV to $1,250,000, 640 credit score, 24 months satisfactory housing
·         First Time Home Buyer allowed with restrictions

Hi I’m C G with Eagle Home Mortgage, A Lennar Homes Company
I want to share with you the advantages of a new conventional product we have for Borrowers with prior credit “challenges,” such as bankruptcy, short sale, or foreclosure.
In the past, if a Borrower had a foreclosure, you would need to wait three years to get a FHA loan with a list of ins and outs. FHA product is also limited by the county ceiling. For single family that might mean a loan maximum of $272,050 in Tulare County and $625,500 in Orange County.
This new program allows
85% loan to value up to $500000 loan amount
80% to $750000
And 75% to $1,250,000
There are requirements which would be best if you call me to discuss your specific situation such as:
Reserve requirements, minimum FICO score and excellent credit 12 months after the event. Terms and conditions apply, this is not a commitment to lend.
This is great news because the loan is not priced like hard money, it is a tool Borrowers can use to
Purchase a home and own during the usual waiting periods to refinance conventional when either the seven year or four year (as applies to your situation) ends. No prepayment penalties, no giant upfront costs
Call me at 949 784 9699 any day from 7AM to 7 PM Pacific time








































Other credit restrictions apply and the guidelines should be reviewed carefully.  There are minimum credit standards and title to the home may not be impacted by credit items still pending.
Call me for the rules and terms
C G
(949) 784- 9699
NMLS 324982



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