Nothing complicated about it... And it doesn't depend on other circumstances.
Amanda, I wish you nothing but the best of luck...
.... And you agree that certain situations bring different results.
I doubt Raul expected me to give him the whole book on lending, that's why I said to come into the office to see what we can do for him.......
Maybe that's the real issue here.
Raul- my motto is I make selling and buying A JOY! It's very simple. Other people try to complicate things so that you are over whelmed and won't patron my services. Like I said, all you can do is try! If they say no, then they'll at least let you know what you need to do to get a loan in the future.
First, I don't mean to "argue" with you about this, or anything and apologize if this comes off wrong... BUT-
Although you are correct about the fact that in certain situations you CAN have compensating factors make up for issues in a file, i.e: credit being less than perfect, compensated by a large amount of assets in reserve, that is not the case in this situation.
Lenders are not special. Loans are commodities. So, we are not making the rules, but making sure that borrowers adhere to the rules set out by Fannie Mae/Freddie Mac, FHA, VA, etc. There are SPECIFIC guidelines which are non-negotiable, and do not have compensating factors... They are put out in published selling guides and Mortgagee letters.
Now, I agree, if you want to go outside of the confines of conventional lending, there could be a solution, but then you are dealing with terms and rates that are not as advantageous as conventional avenues. (portfolio lenders with adjustable loans, or hard money).
I don't know how your background as an accountant applies to lending guidelines, but there is nothing that would override those guidelines. IF there is a short sale, I don't care if you have 90% down and a 850 FICO score with a ton of cash in the bank. The guidelines as I have stated them are correct. And I should know... I am a lender.
There ARE situations where you really cannot give a simple answer that would apply to everyone, however, this is not one of those cases... Ask your in-house guys what their guidelines are for short sales, and let me know what they say... We are all fishing from the same pond... If I am wrong, I will send you a 20 dollar Starbucks card...
There are many other factors to take into consideration other than time and type. Unless you know someone's personal situation you cannot say a simple answer that would apply to everyone. I should know, I'm also an accountant.
There are VERY established guidelines... Its not different with each bank... There is an EXACT way to know for sure...
FHA is 3 years UNLESS you weren't late going into the process. Then you can buy immediately.
Conventional is 4 years with 10% down, 2 years with 20% down.
VA is 2 years.
Very simple, all in the guidelines for each loan... If you are VA, you can buy now. If you have 20% down (even from a gift) you can buy now... FHA you will have to wait a year unless you were never late, and Conventional with less than 20% down, you have 2 years to wait.
All the best,
Amanda Joy Barba
(760) 429- 4017
Realtor® License # 01924288
"Secret Formulas"- an Accounting App made for everyone!
Keller Williams Realty
12780 High Bluff Dr. Suite 130
San Diego, CA 92130
A. JOY wishing you a bounty of blessings for your next move!
Feel free to contact me directly. We can quickly get your financing sorted out and then go house shopping before prices go through the roof here in North County :) I can put you in contact with my preferred lender, she is Amazing (with a capital "A") and we can get your situation put together ASAP.
McAllister Homes Real Estate
You can buy a home right now as long as a lender will allow you to qualify. I can give you several that I think might be able to get you a loan. Depending on how much you have down like 25-30% the lender has nothing to lose. So call me I can help. Dana Rosas 888-408-4888 or 626-393-4271 cell.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
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For conventional, you need 2 years with 20% down, or 4 years with 10% down.
With VA you need 2 years.
I am writing this at 6am in my pajamas, so I am going on memory, but can send you a chart that breaks it all down when I get OUT of said pajamas, and in to my office at 9am.
Shoot me an email at Daniel.firstname.lastname@example.org and I will send it over to you...
If you are, say, a year out, it's also important to start to put a plan together so that you are in the best possible position to buy when you become eligible. Also, I can explain the point when you can start looking. Because in some cases you can CLOSE after the waiting period, but in others you have to wait to APPLY.
So you could feasibly start looking for property a few months in advance, and close after the waiting period. Make sense?
Hope this helps. If you have any further questions, I am here to help in any way that I can, AND I will never again mention my pajamas. Promise. Haha.
Licensed Associate Broker
Douglas Elliman Real Estate