Home Buying in Boise>Question Details

Karen, Home Buyer in Boise, ID

Any recommendations on private financing? Looking to purchase a home, had a short sale in 2012.

Asked by Karen, Boise, ID Wed Jan 8, 2014

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19
There is a back to work financing program that can do it before the 2 year mark! if you want to send me your email I would be happy to send you details and contacts!
1 vote Thank Flag Link Thu Jan 9, 2014
We might have some options for you.

Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario.


Until then, I look forward to hearing from you.


Bart Gabe - Lending Nationwide Since 1987

http://www.bartprequalifies.com

bart@bartprequalifes.com

800 315 8803



NMLS# 20743 - my licensing information

http://www.nmlsconsumeraccess.org/ - link to look up my license number
1 vote Thank Flag Link Thu Jan 9, 2014
I have had clients use Hopkins financial 208.467.55467, and I have also heard that Jerry Robinson, Loan Specialist with 1st Choice Mortgage is good at 3023 E. Copper Point Dr., Suite 101, Meridian, ID 83642. Phone: 208-375-LOAN(5626), Cell: 208-941-1778, Email: Jerry@375Loan.com, http://www.375Loan.com, Blog http://:www.375Loan.com/Blog.
1 vote Thank Flag Link Thu Jan 9, 2014
Hi Karen-
I work with several investors who offer private financing in lieu of Hopkins Financial. They will privately finance you short term until you can re qualify. Of course they will want to review your current financials, and ensure the property you are buying is in a good location etc. If your other options don't pan out, I'd be happy to talk with you privately. 208-724-6968 is my direct line.
1 vote Thank Flag Link Thu Jan 9, 2014
Sounds like Linda and I use the same lender and he and his team can just get things done. Well stated Linda.

All my best
Mark Olson
208-697-8886
1 vote Thank Flag Link Thu Jan 9, 2014
I have done numerous short sales over the last 9 years. Before August 1, 2013, someone who had a short sale or foreclosure would have to wait at least 3 years to qualify for an FHA loan. Relax, Take a deep breath, and imagine yourself owning a home again. As of August 1, 2013 FHA put out guidelines under the 'Back to work' loan program where you may qualify for an FHA loan 1 year after the short sale or foreclosure! My lender, who has 37 years lending experience, has helped lots of my clients through the process to a successful purchase. Flat processing fee of $595.00. Call or email me and put my team to work for you.

Thanks
Linda Ipaye
The Real Estate Shop
208-871-0354
idahorealestateshop@gmail.com
1 vote Thank Flag Link Wed Jan 8, 2014
As stated by the other responses, you may be able to qualify for another loan at this time. You would need to speak with a lender that can give you the specifics of the qualifications required but it would be worth your time to do that.

If that did not work, there are other lending options which you could explore. There are hard money lenders that you can work with also.

Please let me know if you have any questions or if I can help you in any other way. You can visit my website to search for properties at your convenience.

Thank you,
1 vote Thank Flag Link Wed Jan 8, 2014
I have someone that would do a loan for $1500 process fee and 12mos bank statements and rate would be about 1% above market.
Jeff
Stevens Realty
208-409-4663
1 vote Thank Flag Link Wed Jan 8, 2014
Karen,

I agree with Phil. Depending on your situation you may already qualify for a home loan. I recommend you check with Curtis Mangus, American Pacific Mortgage, at 208-412-3676.
Please let him know I sent you so we can partner to give you the best service possible.

Thanks!

Jeff
1 vote Thank Flag Link Wed Jan 8, 2014
Owner carry, Non traditional lending are just options. So would an owner carry for less than the 20% maybe, but that would be between you and the seller. As far as traditional financing of coarse it is cheaper. what the best thing to do that is up to you but at least you know your options to pick from. If you were delinquent at the time of a short sale the waiting period is 3 years just FYI on FHA. you can do traditional conventional at 2 years but again you would need 20% down. If by chance you were not delinquent at the time of a short sale the waiting period could be as little as 12 months.
1 vote Thank Flag Link Wed Jan 8, 2014
"Hard money" lenders like Hopkins Finacial are costly alternatives, charging very high interest rates for a short term loan.

I recommend talking to a conventional lender to find out exactly where you stand. You may find you already qualify for a loan with regular rates and terms. There is typically a two year waiting period for FHA, but other lenders may be ready to loan now if your credit is otherwise ok.

Call Dennise Sandquist at Guild Mortgage at 208 863-4120

Or

Abby Beard at Idaho First Bank at 208 200-2229

Both are great lenders who will work with you to get on track to get financed ASAP at regular rates & terms.
1 vote Thank Flag Link Wed Jan 8, 2014
a two year waiting period, you'll have to show me that guideline I could have sworn they all moved to 3 unless you had 20% down. Would love to know so I know where to send them.
Flag Wed Jan 8, 2014
That's a tough one. Do you have a large down payment if a seller is willing to carry?
1 vote Thank Flag Link Wed Jan 8, 2014
For that you would need to call a Realtor they deal with that more than a lender like me. But it is always an option. There is a new post with an agent that just came in and Silvercreek is great. Dont know them but they have a lot of listings a may be able to find a owner carry that fits you.
Flag Wed Jan 8, 2014
I have a great product. Please call me so I can email to you. Depending on your credit score will depend on rate. But with the certain program you just have to be at least settled out of Short Sale. You are a year + so perfect.
Andrea Anderson
353-5973
Also it depends on credit score but you will need at least 20% down.
1 vote Thank Flag Link Wed Jan 8, 2014
Hopkins Financial - Randy Hopkins
1 vote Thank Flag Link Wed Jan 8, 2014
Call Brian Fullmer at Affinity Mortgage 208-465-6650 or email him at
brian@affinitymortgage.com

He is great and has gotten several people approved that didn't think they could!
Tell him I sent you and if you need help searching for a home I would love to help you can reach me at 208-602-8719 or idahohomes411@gmail.com
0 votes Thank Flag Link Sun Jan 19, 2014
Talk with a lender about the new FHA program. Might work for you.
0 votes Thank Flag Link Tue Jan 14, 2014
This is FHA's back to work program. We offer it on our FHA product and we do it with absolutely no overlays exactly as FHA intended. The way this person explains it is a little exaggerated as you very strictly need to be able to document the incident that occurred that caused you to have the derogatory event. You have to prove a 20% minimum reduction in income such as job loss injury etc. and have to be able to document it to some pretty strict standards. If you do the underwriter can allow someone with the bankruptcy short sale or foreclosure to buy a new home sooner than the typical waiting period. I will just tell you that I have not found one to meet the guidelines yet as I get lots of inquiries but things like a borrower miss management of finances or getting divorced don't qualify. You can check FHA guidelines out if needed. The bottom line if they had something bad happened like a job loss and you can document it thoroughly you can get them a loan. All other standard FHA guidelines are in effect.

Feel free to contact me I'm a licensed Mortgage Broker as well as a Real Estate Broker.
Your one stop shop.
Kevin Parker
208-898-9015
NLMS 2490 ML 6890
RE: DB34412
0 votes Thank Flag Link Fri Jan 10, 2014
Karen-

I have some local contacts that might be a good fit for you. I recently helped a client purchase a rural property successfully and things went smoothly.

Mike with One 3 of Idaho- Silvercreek Realty Group .

2085736007
0 votes Thank Flag Link Wed Jan 8, 2014
If you've hit your 2 year anniversary you may qualify to repurchase through an FHA loan. The rate would be much cheaper that a private loan.
0 votes Thank Flag Link Wed Jan 8, 2014
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