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MORTGAGE AFTER FORECLOSURE, SHORT SALE OR BANKRUPTCY

Buyers often call and ask how soon can i purchase a home after a foreclosure, short sale or bankruptcy.PORTFOLIO- PRIVATE MORTGAGE LENDER APPROVALS!

  • Purchase 1 day after bankruptcy, foreclosure, short sale and deed in lieu of foreclosure up to 2.5 million.  These are not subprime loans, but they do often have higher interest rates, and higher closing costs.
  •  Portfolio mortgage lender offer private mortgage loan approvals are looking at other compensating factors to approve these loans. Examples include: 12 months timely rental history, high credit scores, lower loan to value (larger down payments), and reserves (future mortgage payments in the account at closing).

A minimum 500 credit score For Portfolio Mortgage Lenders Programs!!BAD CREDIT FHA MORTGAGE LENDERS APPROVALS WITH MINIMAL DOWN PAYMENT AND CLOSING FEES:

  • Down payment only 3.5% of the purchase price.
  • Gifts from family or FHA Grants for down payment assistance and closing costs OK!
  • Sellers can credit the buyer’s up to 6% of sales price towards buyers costs.
  • No reserves or future payments in account required.
  • FHA regulated closing costs.
  • Read more about buying a home with an FHA mortgage Bad Credit –No Credit – Investment –Second Home –Multi Family –

BAD CREDIT FHA MORTGAGE LENDERS MAKE QUALIFYING EASIER BECAUSE YOU CAN PURCHASE:

  • 12 months after a chapter 13 Bankruptcy FHA mortgage Lender approval!
  • 24 months after a chapter 7 Bankruptcy FHA mortgage Lender approval!
  • 3 years after a Foreclosure FHA mortgage Lender approval!
  • No Credit Score FHA mortgage Lender approvals!
  • 580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
  • 500 required for 90% financing or 10% down payment FHA mortgage Lender approvals.
  • Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA. For FHA mortgage applicants with credit scores between 500 and 579 must make down payments of at least 10% down!
  • Read more about FHA Qualifying Qualification Summary – Manual Underwrite – Collections-Judgement’s – Bankruptcy or Foreclosure – Compensating Factors –

BAD CREDIT FHA MORTGAGE LENDERS ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING

FHA- FHA MORTGAGE AFTER  BANKRUPTCY APPROVALS!

  • Chapter 13 Bankruptcy- You may apply for a FHA mortgage after your bankruptcy has been discharged for 12 Months or  (1) year with a Chapter 13 Bankruptcy. You must have 0 x 30 day late payments, and permission from the chapter 13 trustee.
  • Chapter 7 Bankruptcy- You may apply for a FHA mortgage after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.  You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy
  • Foreclosure – You may apply for a FHA insured loan THREE (3) years after the Foreclosure sale/deed transfer date. You may have to search county records office to locate the deed to count a full 3 years. 
  • Short Sale / Deed in Lieu – You may apply for a FHA insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same as a Foreclosure for now. You may have to search county records office to locate the deed in order to count a full 3 years. 
  • Credit must be re-established no late payments in past 12-24 months, depending on hardship
  • Application Date must be after the above waiting period to be eligible for FHA financing after hardship. You may have to search county records office to locate the deed transfer out of your name fin order to count a full 3 years. 

 FHA Mortgage Lenders Require A minimum 580 credit score.

VA-  MORTGAGE LENDERS APPROVALS!

  • Chapter 13 Bankruptcy – Once you have finished making all payments satisfactorily, the  mortgage lender may conclude that you have reestablished satisfactory credit.
    • If you have made at least 12 months of timely payments and the Trustee or the  Bankruptcy Judge approves of the new home purchase, the  mortgage lender will approve financing after a chapter 13 bankruptcy.
  • Chapter 7 Bankruptcy – You may apply for a VA mortgage loan TWO (2) years after a  chapter 7 Bankruptcy.
  • Foreclosure / Deed in Lieu – You may apply for a VA mortgage loan TWO (2) years after a foreclosure.
  • Short Sale – VA does not recognize a short sale as a derogatory event however most  mortgage lenders do. Most lenders will require a full 2 years after the deed was transferred out of your name and you reestablish credit.
  • Credit must be re-established with a minimum 550 credit score
  • Application Date must be after the above waiting period to be eligible for VA mortgage after hardship.

 VA Mortgage Lenders Require A minimum 550 credit score. USDA-   MORTGAGE APPROVALS!

  • Foreclosure – You may apply for a USDA rural loan THREE (3) years after a  Foreclosure.
  • Bankruptcy – You may apply for a USDA rural loan THREE (3) years after the discharge of a Chapter 7 or 13  Bankruptcy.
  • Short Sale / Deed in Lieu of Foreclosure –  mortgage lenders require 3 years after a  foreclosure.

 USDA Lenders Require A minimum 550 credit score. CONVENTIONAL–  MORTGAGE APPROVALS!

  • Foreclosure – You may apply for a Conventional mortgage, Fannie Mae loan (7) SEVEN years after the sale date of your  foreclosure.
  • Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your Chapter 7 bankruptcy has been discharged for FOUR (4) years, TWO (2) years from the discharge of a Chapter 13
  • Short Sale / Deed in Lieu of Foreclosure –Waiting period for  foreclosure that was included in Bankruptcy If mortgage is included in Bankruptcy, waiting period defaults to FOUR (4) from the discharge date.  Short Sale or Deed in Lieu of  Foreclosure not included in a Bankruptcy has a new Waiting Period of FOUR (4) years from date your name is removed from title.  This replaces the ability to buy in 24 months with 20% down payment and minimum 680 credit score.

 Conventional Lenders Require A minimum 620 credit score.

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We are US Mortgage Lenders. Major real estate brokerages regularly entrust their clients to our team due to our reputation for transparency, delivering on time, customer satisfaction and loyalty. With five-star customer reviews on Zillow.com and counting, you’re assured of having the backing of an experienced team.

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