FHA Loan ONE Year After Bankruptcy, Short Sale ...

A new ruling is coming down the pipeline that will pave the way for once-struggling homeowners to qualify for an FHA mortgage.
The Federal Housing Administration has announced in a letter to mortgagees that it will reduce the time homebuyers must wait after a bankruptcy, foreclosure or short sale before qualifying for an FHA loan.  Before the wait time was two years following the discharge of a bankruptcy, and three years following a foreclosure or short sale in addition to establishing new credit and having no late payments after the event.

The agency will reduce the wait period to one year.
"FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage," per FHA Commissioner Carol J. Galante this week.

But fulfilling the new, more lenient waiting period won't automatically qualify borrowers for an FHA-backed loan. Borrowers will have to show that they experienced an "economic event" whereby their household income fell by 20% or more for a period of at least six months.

 

 

Applicants must also show and explain how they have fully recovered from the event, and agree to complete housing counseling prior to closing.

Carol J. Galante began her service as the Assistant Secretary for Housing/Federal Housing Commissioner on December 30, 2012. Prior to confirmation, Galante was Acting Assistant Secretary for Housing/FHA Commissioner.

As FHA Commissioner, Ms. Galante watches over and manages the FHA’s trillion dollar insurance portfolio, which includes single family and multifamily housing.

Caroline Gerardo, NMLS # 324982  phone (949) 637-8190

 

 

 

Direct Lender

Lenders like to say they are direct. They also say they are big or have assets or they are fast. They just might be wearing a funny hat and can't close your home on time

Here are the top twenty Companies and banks that Closed Mortgage Loans in the United States in 2012.

	Flagstar Bank	Troy, MI	$53,586,827,000	94%/6%	221,237	$26,612,567,904	2,871	50	20
2	Guaranteed Rate	Chicago, IL	$14,710,666,093	0%/100%	53,411	$6,800,000,000	750	49	12
3	Freedom Mortgage Corp.	Mount Laurel, NJ	$13,772,356,120	71%/29%	65,163	$3,589,663,484	125	50	23
4	PrimeLending, PlainsCapital Company	Dallas, TX	$13,735,022,825	0%/100%	66,670	$8,787,254,188	1,185	50	27
5	Stearns Lending Inc.	Santa Ana, CA	$11,810,814,448	82%/18%	48,655	$5,692,804,090	560	49	23
6	Pinnacle Capital Mortgage	Roseville, CA	$7,647,142,667	32%/68%	29,732	$4,999,555,953	995	13	5
7	Sierra Pacific Mortgage Co. Inc.	Folsom, CA	$7,559,405,058	75%/25%	29,917	$5,162,249,725	368	48	27
8	Mortgage Master Inc.	Walpole, MA	$7,305,861,638	0%/100%	23,809	$5,285,471,564	250	22	25
9	United Shore Financial Services LLC	Troy, MI	$7,041,740,634	88%/12%	34,091	$1,797,284,739	75	49	27
10	Fremont Bank	Fremont, CA	$7,000,016,431	24%/76%	25,024	$3,771,706,000	33	3	49
11	George Mason Mortgage LLC	Fairfax, VA	$6,577,775,135	38%/62%	18,617	$3,893,934,538	155	10	26
12	W.J. Bradley Mortgage Capital LLC	Centennial, CO	$6,495,740,657	0%/100%	22,187	$2,378,546,301	440	22	11
13	Guild Mortgage Co.	San Diego, CA	$6,441,077,578	10%/90%	31,691	$3,571,310,464	802	37	52
14	Fairway Independent Mortgage Corp.	Sun Prairie, WI	$6,001,390,613	8%/92%	29,377	$3,609,673,149	522	45	16
15	Caliber Funding LLC	Irving, TX	$5,484,274,224	65%/35%	23,068	$891,506,517	211	47	5
16	Cole Taylor Mortgage	Ann Arbor, MI	$5,187,000,000	81%/19%	20,617	$1,880,000,000		41	3
17	Primary Residential Mortgage Inc.	Salt Lake City, UT	$4,990,129,796	0%/100%	25,715	$3,473,560,028	831	50	14
18	New Penn Financial	Plymouth Meeting, PA	$4,773,680,000	41%/59%	19,268	$1,492,728,813	468	46	5
19	Academy Mortgage	Sandy, UT	$4,663,752,424	0%/100%	25,935	$3,327,846,391	705	44	25
20	Mortgage Services III LLC	Bloomington, IL	$4,599,082,172	80%/20%	20,699	$2,880,410,086	122	42	6

W.J. Bradley was number 12 last year and in June of 2013 we were number five. The only Bank on the list is Flagstar - forget about Wells Fargo, Chase, Bank of America they aren't in the top 150.

My company has the smallest number of  mortgage loan originators in the top 50. We also have the fastest turn time. Caroline Gerardo with W J Bradley closed purchase loans in eleven days. Think of me as the little engine that could. Call and find out what is the difference between a real direct lender who has assets to weather the storm.

(949) 637-8190  C. G. Barbeau  NMLS # 324982

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