Home Buying in Gilbert>Question Details

 My3kids, Real Estate Pro in Mesa, AZ

Can I buy a home?

Asked by My3kids, Mesa, AZ Tue Oct 29, 2013

We were recently approved for an FHA loan after the 3 year waiting period after our 2010 foreclosure only to find out that our mortgage insurance claim wasn't paid for a year and a half after our foreclosure so we now have to wait a year and a half to buy. Are there any other options around this? Such as rent-to-own programs?

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I am sorry you ran into that issue! There is nothing more frustrating to hit a speed bump like that due to someone not filing the appropriate paperwork on time. Like the other two gentlemen, I am an agent so don't know the in's and out's as far as the guidelines but I do know that FHA and other government backed loans have recently changed their guidelines and offer a "Back to Work" program that allows some buyers to qualify for a new mortgage only 12 months after a foreclosure or short sale. My go to mortgage guy is Derek Hargrove at Sun American Mortgage at Greenfield and Baseline. I work in the East Valley so if I can be of any assistance please let me know!
1 vote Thank Flag Link Tue Oct 29, 2013
Did you already run this scenario by a lender and were told you had to wait another year or two? I am a REALTOR and therefore not as qualified as a mortgage lender but believe there are programs coming up everyday that might allow you to qualify for a different type of loan program. I know of one that would allow you a new mortgage but it requires a 25% down payment and a FICO Score above 600. If you meet those qualifications you can buy one day after a short sale or foreclosure. Check with a lender and explore other options on loan programs. Are you by any chance a Veteran? VA guidelines are different than FHA

Good luck!
1 vote Thank Flag Link Tue Oct 29, 2013

I would love for you to talk to my lender, Chase McLane at People's Mortgage (480-374-0713). I know he can help you. Thanks,

Shawn I. Rogers, REALTOR®, CSSPE - West USA Realty
Website: http://www.MisterRogersHomes.com
Email: MisterRogersHomes@hotmail.com
Cell: 480-313-7031
Fax: 602-863-4619

Zillow: http://www.zillow.com/profile/Mister-Rogers-Homes
0 votes Thank Flag Link Wed Oct 30, 2013
There should be a way around it.

Feel free to contact me direct, I am personally familiar with programs available through local lenders and ways to remove negative information off your credit report.

Lucinda Tkach

0 votes Thank Flag Link Tue Oct 29, 2013
I would advise you to call Dewy Dewitt with Geneva Financial. He is an expert and has lots of experience with people in your situation. His phone number is 480-656-6741. If you need any other assistance please do not hesitate to call us at 480-331-3501
0 votes Thank Flag Link Tue Oct 29, 2013
Option's may exist, FHA has a special program that works for some. We recently found programs for 2 buyers that had problems in the past and we were able to get them into homes. Not all lenders will have the program or allow it to work, it costs you nothing but time to explore options.

Don't give up to easy!
0 votes Thank Flag Link Tue Oct 29, 2013
Their are many options available to you to purchase a home. Talk with a reputable lender who can assist you with the entire process.

If you would like a list of lenders who may be able to help you please let me know. I am located here in Gilbert if I can be of any assistance and of course my assistance does not cost you anything.

Dan McNulty
Best of East Valley 2013 REALTOR
0 votes Thank Flag Link Tue Oct 29, 2013
Call TIm Schnautz at Nova Home Loan. He can tell you exactly where you stand. This is an excellent source for info. If he says you can, then you can. Call me to discuss further, my contact info is:
Alan Kittelman | Designated Broker
8111 E. Indian Bend Rd
Scottsdale, AZ 85250
602.820.8164 Direct
888.788.6654 Fax

I also have a great program to assist you. Just give me a call. Hope to hear from you soon! - Alan
0 votes Thank Flag Link Tue Oct 29, 2013
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