Please Contact Michael Caruso at the link below for details:
6/07/2012
5/25/2012
Silver Lining: Getting a Home Loan after Foreclosure
Paddleboarder heading out to find the silver lining in the fog this morning.
How long must I wait to get a standard loan after bankruptcy, foreclosure or short sale?
The answers are better than you think, BUT layered with the fact that you MUST rebuild and re-establish credit to be eligible for decent pricing. FICO score determines market rate (more in another post).
SAVE all your Bankruptcy, Foreclosure, Short Sale paperwork for 8 years. BK docket summary and discharge paperwork is valuable and necessary.
FANNIE MAE RULES:
Chapter 13 BK : 4 years from dismissal, 2 from discharge
Chapter 7 or 11 BK 4 years
More than one BK filing 5 years if more than one in 7 years
Foreclosure 7 years unless you can prove special circumstances(more coming) then 3 years * see me for what constitutes special
Deed in Lieu of Foreclosure 2 years 20% down required
Or Short Sale 4 years 10% down 7 years 5% down
Chapter 7 BK 2 years from Discharge
Chapter 13 BK 1 year of payout and payment performance and court approval
Foreclosure 3 years from final
Short Sale no time restriction IF all mortgage payments and installments were on time past 12 months prior to application date
Or 3 years if in default at date of short sale
What hurts your credit the most?
Prolonging the number of late payments combined with
foreclosure.
5/24/2012
Buying a Home To Do List
You are thinking of buying a home and applying for a loan.
Things You Must be Aware of During the Process:
1.
Stay on your same job until the deal is closed
2.
Keep the same bank accounts
3.
Keep paying your bills
4.
Do not transfer money in accounts or deposit
more than $300 without keeping every shred of where it came from
5.
Do not shop for a car, furniture or give anyone
your social security number to run your credit
6.
Do not give your landlord notice
7.
Do not apply for any other credit
8.
Do not pay collections- pay it at closing if
necessary
9.
Do not use overdraft or have insufficient charges
on bank statements
10.
Use your own money for anything related to
purchase of the home, to avoid appearing as a gift
5/17/2012
Homework List For a Loan
Homework List for your Loan Application
We understand this is more paperwork than you ever were asked to
provide before. This is an initial list of items, and may lead to requests
for more paperwork.
Pay stubs covering the last 30 days with
year-to-date information included (all jobs and applicants)
W-2s for the past two years
Federal tax returns (1040s)
for the past two years
Asset / Bank statements — Past
two months' statements all accounts and all pages no online printouts
We will discuss explanations for late payments, collections, judgments documentation for any large deposits on asset statements
We will discuss explanations for late payments, collections, judgments documentation for any large deposits on asset statements
Other:
Driver's License and Social Security card — legible
copies
Hazard (Homeowner's)
insurance information including agent's name and phone number
Purchase contract — signed by all
parties (fully executed)
Federal tax returns (personal as well as business returns) —
complete copies for the last 3 years
- Profit and loss statement — year-to-date
- List of all business debts
Content and
information provided as a as to accuracy or completeness of information and
assumes no liability for use of this information.
C G Barbeau
(949) 637-8190
NMLS 324982
(949) 637-8190
NMLS 324982
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