Some home buyers who currently have credit issues but otherwise have good income and capital available choose to use a hard money loan temporarily (1-2 years) until they can repair their credit enough to qualify for a conventional loan to refinance with. Hard money loans generally require 20-30% down payment.... more
Why didn't your lender discover this when you applied for the mortgage? You might want to speak with another lender as you state it was discharged in 1993 so it shouldn't be an issue in my opinion.... more
I am a Direct lender in Bakersfield that also has the ability to broker to over 70 wholesale lenders and I process my own loans from start to finish. Conventional loans with 20% down requires 2 years from short sale so most likely you are ready now if everything else fits the guidelines. I also do not have "overlays" which restrict buyers from using Fannie, Freddie and FHA guidelines as written. FHA can be as soon as the next day if there was no late payments leading up to the short sale. If you have late payments it's possible to use the FHA "Back to work" program for 1 year waiting period if you don't fit the conventional 20% 2 year short sale waiting period.
Since no one has answered your question,I will attempt to give you some direction. First, I would call a local title company and ask what they know. They would be a good resource. Second, if you Goggle The Story of Mello Roos there is a lot of good information in that article. In fact, there is a ton of info on the internet if you Google mello roose tax. If you need more specific information or have a particular property in mind as you reference in your question, please call me and I will contact my escrow officer and find out specifically what you need to know. Looking forward to hearing from you. DEE OLIVER - REALTOR - RE/MAX MAGIC 661-747-7763.... more
As long as you have a downpayment and income you can go with a mortgage alternative program such as that of Cove Financial. They are the only ones lending to people without credit.