Best of Luck!
The U.S. Department of Housing and Urban Development (HUD) recently announced the â€œBack to Work â€“ Extenuating Circumstancesâ€ program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUDâ€™s minimum eligibility requirements.
West USA Realty Revelation
I have good news! We are in the process of launching a new loan product in the very near future that will allow you to purchase a new home without a waiting period if you just had a Short Sale, Foreclosure, or Deed In Lieu as long as all your other items on your credit report credit have been paid on time for the prior 24 months.
You must have 25% down, the property must be your Primary Residence & cannot be a condo. The minimum loan amount is $100,000, while the maximum loan amount will go up to $1,000,000.
Please feel free to contact me directly if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
Sun West Mortgage USA, Inc. (FN)
NMLS Company ID: 3277 / Branch ID: 359295 / LO NMLS ID 263779
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
The minimum waiting period for FHA is 3 years and Conventional is 7 years. The only exception is on a VA loan(military personnel) you can become eligible after 2 years.
Whether a perspective buyer is eligible now or still within the waiting period they should contact a mortgage professional to determine full eligibility.
If you'd like to speak to him, he's Chase McLane at VIP Mortgage. 480-374-0713. And if you have a "realtor" related needs, please contact me. Check out our reviews on here.
There is not much, but it may be possible. We can review your scenario with some lenders.
Another possibility is a "seller may carry" home for sale with a 15-25% down payment providing a bridge financing vehicle for 3-5 years. See samples of seller may carry homes available: http://link.flexmls.com/ub7k1q5dnm5,12
Let me know if you need my help.
Jeffrey Masich, Realtor, GRI, MBA
Arizona homes and land for purchase or sale
Portfolio products are held by the banks and not sold into the secondary market so the banks have greater latitude to make reasonable decisions. Anything going into the secondary market has to fit in the box or the answer is no, portfolio gives a little flexibility to the box!