If you were behind on your mortgage payments, you will need to wait 3-years.
Happy funding, Rudi
Just a few short years ago banks and lenders weren't forced to buy back a loan until the borrower actually went into default - now loans are being kicked back due to guideline violations even if payments are being made on time. Since no lender wants to buy back a loan there is virtually no "judgment calls" being made by Underwriting these days. But sure..someone will chime in "but I can get it done." Ok.
Does that mean loans are getting turned down all the time? Nope! Only those that shouldn't be approved in the first place. If the borrower has a job, income, decent credit, and a few thousand dollars for an FHA down payment then they are getting approved every day.
You gave your client valid counsel.
Short sale will "tank credit scores" if they were lease could be double , triple deposit + 1st month rent UNLESS they lease an apartment
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Eli Givoni, Director
Short Sale Department, LLC
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