Financing in Beverly Hills>Question Details

Stefen Lee L…, Real Estate Pro in Beverly Hills, CA

When can one purchase again after a short sale, foreclosure or bankruptcy?

Asked by Stefen Lee Liberti, Beverly Hills, CA Tue Jan 1, 2013

As I know it, FHA only requires 3 years after a Short Sale or Foreclosure, and the VA only requires 2 years, and Fannie Mae now has a new rule whereby if you put down 20% after a short sale, you can buy within 2 years??
I've heard varying opinions on this question and look forward to your comments.

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BEST ANSWER
There are as many answers as there are loan programs. I am aware of all the ones you mentioned.

Additionally, buying after a BK is different VA and FHA is 3 years and conventional was 4 years... also depends on loan amount...

So it depends... it depends on the borrower profile, the type of loan they need and also the amount of the loan...

There are too many variables to be specific... my preferred lender has a very nice flyer they send with a summary of programs and "aging" requirements... you can email her cheryl@nafinc.com

Have very productive 2013!

Ron
1 vote Thank Flag Link Tue Jan 1, 2013
Thanks for the information Ron. I'll be emailing Cheryl shortly.
Happy & Prosperous New Year to you as well bud.
Flag Tue Jan 1, 2013
Stefan,

Send me an email and I will send you a chart.

Fred Glick
Fred@fredglick.com
2 votes Thank Flag Link Tue Jan 1, 2013
Thank you Fred, I would appreciate that very much. I'll be emailing you shortly. Cheers to you and yours in 2013!
Flag Tue Jan 1, 2013
Hi Stefen,

You can buy again just one day after Short-Sale or Foreclosure and 2 years after bankruptcy with our "Portfolio" product. The buyer must have 20% down and a 660 Credit Score.

Since the loan is kept with the bank we have the flexibility to not follow conventional guidelines.

Hope we can help you!

-Craig Bosse
1 vote Thank Flag Link Thu Sep 19, 2013
These programs that you outlined on your question do exists and most of the in place , however it is always best to get pre approval and make sure you'll be able to qualify because loan requirement can change and each particular circumstances can be different.



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1 vote Thank Flag Link Wed Jan 2, 2013
See web reference below for all waiting periods after all major credit events by all loan types.
1 vote Thank Flag Link Wed Jan 2, 2013
You don't have to wait.....

We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score.

This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA . Loan amounts up to $4 million
0 votes Thank Flag Link Thu May 22, 2014
You can buy 1 day after a short sale if there were no late payments on the mortgage or installment debts in the 12 months preceding the closing of the short sale if the new loan is VA or FHA. FHA has a waiting period of 1 year if there were late payments and the short sale was a consequence of a job loss and/or unavoidable loss of household income of 20% or more for a period of 6 months or more in the months preceding the short sale. Fannie Mae will allow a purchase after a short sale after 2 years with 20% down or 10% down with extenuating circumstances. If there were late payments in the 12 months preceding the short sale, VA will allow a purchase after 2 years (after 1 year with a manual exception with a very compelling case). See the web reference below and let me know if you need help.
0 votes Thank Flag Link Thu Feb 20, 2014
If you want to buy after a foreclosure or a short sale than you can do this without a waiting period if you have 20% down. Do Not use hard money as there is better options for you. If you want more information about this, feel free to contact me and we can discuss your options.
Michael Evans 510-455-4109
0 votes Thank Flag Link Thu Feb 20, 2014
The guidelines for an FHA loan has actually changed recently where it only requires a one year wait period after a short sale, bankruptcy, or foreclosure. This is only allowed for certain circumstances with the borrower but it is still an important and big change. Check out the article I posted below to get a better idea about this. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com

http://www.chicagotribune.com/topic/
0 votes Thank Flag Link Wed Feb 19, 2014
This would be an excellent question to ask your local real estate agent.
0 votes Thank Flag Link Wed Oct 30, 2013
We can do a loan the day after a short sale or foreclosure. This is not a hard money loan. Very competitive rates. The requirements are a (1) 660 credit score, (2) California, (3) purchase and (4) 20 % down payment. Please feel free to call me at (323) 954-8900 ext. 315.

Lionel Sabbah
0 votes Thank Flag Link Thu Sep 12, 2013
We can avoid FHA (due to the high Mortgage insurance premiums and since the Mortgage Insurance now never goes away) and we can avoid a 2 - 7 year waiting period with utilizing my 2nd Chance Loan. I can assist California Consumers to purchase a new Primary residence and there is NO waiting period. You will need a 660 Mid FICo score and 20% down payment. Call me and get started today on the right path to your new home. Michael Evans Loan Officer Pactrust Bank 925-497-2501 NMLS 251165
0 votes Thank Flag Link Thu Sep 5, 2013
We can avoid FHA (due to the high Mortgage insurance premiums and since the Mortgage Insurance now never goes away) and we can avoid a 2 - 7 year waiting period with utilizing my 2nd Chance Loan. I can assist California Consumers to purchase a new Primary residence and there is NO waiting period. You will need a 660 Mid FICo score and 20% down payment. Call me and get started today on the right path to your new home. Michael Evans Loan Officer Pactrust Bank 925-497-2501 NMLS 251165
0 votes Thank Flag Link Thu Sep 5, 2013
I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sun Apr 21, 2013
I have financing for 1 day after a short sale or foreclosure. See more info at my site:

http://www.homeloansbybrown.com/short-sale-financing
0 votes Thank Flag Link Tue Apr 16, 2013
Here's a clear cut guideline breakdown that I compiled for each scenerio in reference to Middleburg Mortgage's guidelines:

Foreclosure

Conventional - 7years
FHA - 3 years
VA - 2years

Short Sale

Conventional - 2 years after settelement with 20% down, 4 years after settlement with 10% down
FHA - 3 years after settlement
VA - 2 years after settlement

Bankruptcy

Conventional - 4 years since discharge
FHA - 2 years since discharge
VA - 2 years since discharge
0 votes Thank Flag Link Fri Jan 4, 2013
I have our own Portfolio Products and we allow Consumers to purchase a primary residence in California with NO WAITING period, and they need 20% down and a 660 Mid FICo Score. In addition to that, we have 7 other programs that are designed especially for every type of consumer and income type.
Email me if you want more info on this Program.
michael.evans@pactrustank.com
Flag Thu Sep 5, 2013
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