Financing in Novi>Question Details

Felicia, Home Buyer in Canton, MI

How can I find a mortgage broker willing to offer some guidance?

Asked by Felicia, Canton, MI Tue Sep 27, 2011

we are in a bind. We already know that because of a foreclosure date and bankruptcy we must wait to finance a mortgage. What we don't know is how soon we can start searching. I've hears of others getting preapprovals with stipulations for the closing date. In our case we'd like to do a new construction home. We do not need a construction loan as the builder does that but it'll take 15 months to complete. We don't want to have to wait another 15 months after our seasoning time has expired.

It would be great if we had a broker or lender to work with us provide us dates and offer some guidance.

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9
Hi, Go with a personal referral if that is an option...

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Mon Oct 3, 2011
@ Rebuildinginmi - the foreclosure seasoning period begins when the home is legally taken out of your name. This is documented by a copy of the trustee deed/sheriff's deed/foreclosure deed. Some lenders will want the redemption period to have elapsed before the foreclosure seasoning will begin, but that is a lender specific guideline and FHA nor Fannie Mae nor Freddie Mac say anything about having to wait after the redemption period. Foreclosure seasoning guidelines:

• FHA & USDA require 3 years from the foreclosure sale date/when the home is no longer legally in your name (only 1 year if it was due to extenuating circumstances)
• VA requires 2 years from the foreclosure sale date/when the home is no longer legally in your name (only 1 year for extenuating circumstances)
• Fannie Mae & Freddie Mac require 7 years from the foreclosure sale date/when the home is no longer legally in your name (3 years if it was due to extenuating circumstances, 10% down)
0 votes Thank Flag Link Sun Oct 2, 2011
So with a foreclosure when does my 36 months start? I am hearing different things. I would like to know for conventional and FHA
0 votes Thank Flag Link Sun Oct 2, 2011
hi...i'd be glad to offer some advice...
best regards..
bob mcclure
percentPlus
0 votes Thank Flag Link Wed Sep 28, 2011
Felicia - your application needs to begin after all applicable seasoning periods for your bankruptcy and foreclosure has elapsed. You can have your situation (credit, income, etc.) reviewed ahead of time, and assuming that you don't make any credit mistakes from the time you are initially reviewed until your application begins, you may be able to get a pre-approval letter on that basis. However realize that things really can't get going (appraisal ordered, GFE/disclosures, etc.) until you are past your seasoning periods - so the pre-approval letter would likely read "Application to begin no sooner than 11/1/2011" or whenever the seasoning period has expired, and wouldn't necessarily have anything pertaining to a closing date.
0 votes Thank Flag Link Tue Sep 27, 2011
Felicia, If you included your home in the bankruptcy, you have a three year wait until you can get another mortgage. If you did not include your home in the bankruptcy, then it is a two year wait from date of discharge. However, since you also have a foreclosure, this could also affect the timeframe. Just a thought, if your foreclosure sale has not yet occurred or if you are in your redemption period, then you are still able to do a short sale. It could help your situation later in applying for a new mortgage. You will still have to wait because of the bankruptcy but if you have a short sale rather than a foreclosure, then this would not affect your status as greatly as a foreclosure. Check out my website and give me a call if you would like more information. My speciality is helping homeowners with problems. PH: 248-930-0198
Web Reference: http://kaperproperties.com/
0 votes Thank Flag Link Tue Sep 27, 2011
0 votes Thank Flag Link Tue Sep 27, 2011
Hey Felicia,
Call Matt Adler with Independent Bank
248-219-7552.
He is a very experienced lender.

Any other questions call me at 734-891-7085
0 votes Thank Flag Link Tue Sep 27, 2011
I work with a great guy that should be able to help answer your questions. His name is Mark Boone with Bankers Home Loans 248-687-7462.
0 votes Thank Flag Link Tue Sep 27, 2011
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