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Financing in Berwyn : Real Estate Advice

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  • Local Info7
  • Home Buying41
  • Home Selling11
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Activity 7
Fri Dec 12, 2014
Darren_brissett asked:
My wife and I are looking to buy a house in Bolingbrook, il. I am new to the usa and have about 7 months good on time payments credit history using my Itin. My wife on the other hand, has…
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Thu Sep 19, 2013
Rob Weber answered:
Here's an update to this post, guideline changes are coming out for both conventional and FHA financing with regards to waiting periods under certain circumstances. Since these items are "in process" at the moment, it would be irresponsible of me to post details at this time but in many cases, foreclosures, short sales and loan mods are being given reduced and in some cases, 0 waiting periods now.

You'll want to keep in contact with a loan officer you trust who keeps current on guidelines if you're in one of these situations. I.E. 0 seasoning after a short sale for FHA loans if it was paid on time the previous twelve months and wasn't previously a FHA mortgage.
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Mon Mar 19, 2012
George Raymondo answered:
You can apply for an FHA down to 560, but it won't be easy. The better your score the better your chances. Please click on the link below for further information.

Best of Luck!
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Mon Jun 27, 2011
Michael Hobbs answered:
Good Evening,

Skip succinctly summed it up. One thing to keep in mind if you are current on your mortgage, you may have a different experience than if you are delinquent. Why I mention this is that in Illinois, the lender has the legal right to proceed with foreclosure once you have missed 3 payments and you do not have a signed and executed loan modification in place.

Also, when you call your existing mortgage company, ask for the modification department.

Good Luck,

Michael Hobbs
PahRoo Appraisal & Consultancy
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Sat Feb 20, 2010
Rudy McDowell answered:

For FHA, its a 2 year wait after a Chapter 7 BK. If its a 13, you may be eligible after 12 months so long as the courts allow it. For Conventional Financing (Fannie Mae) the period is 3 years after a 7 BK. I'm not familiar with any lenders that are doing no score financing. If there are, you can expect to pay a heavy premium.
My suggestion would be to restablish your credit scores and history first. Sounds like you have the time.
Start now by opening a secured credit card via your bank or other local bank/credit union. You could also be added onto someone else's card as an athorized user or co-borrower to get an even greater jump start.
There other considerations to take into account with all thes methods and a LO experienced in credit repair should be able to assist at no up front cost.
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Fri Mar 27, 2009
William Chu answered:
Christine, typically the buyer of the subject property is paying for the appraisal(s) if mortgage financing is required to help the buyer close the transaction. Can a second appraisal be ordered for justification? Yes, sure, I see no reason why it cannot be done.

If the seller is ordering and paying for an appraisal, a bank/lender will consider accepting it as long as the licensed appraiser is on their approved list of certified appraisers of residential real estate property.

Over the past year, upper bracket, $1million +, consistently required two appraisals to confirm and justify value. This especially if the LTV (loan to value) with financing exceed 75% for this type of higher end transaction.
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Financing in Berwyn Zip Codes