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97132 : Real Estate Advice

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  • Home Buying1
  • Home Selling1
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Activity 6
Fri Apr 22, 2016
Nancy Hruska asked:
1610 crestview circle, newberg, or 97132
0 votes 0 Answers Share Flag
Sat Jan 19, 2013
Kenneth Burrows answered:
You can sell the home 1 day out of a refinance. Only if there was a pre-payment penalty would you have to pay that.
0 votes 3 answers Share Flag
Fri Oct 7, 2011
Skylerasue answered:
It is possible. Whether or not it makes sense would depend on the loan to value and when you closed on the FHA original loan. From the sounds of it you do not have "life of the loan" MIP. This means that it will fall off at 78% as long as you pay for 5 years. Depending on how far below 4%, what your credit scores are and what your loan to value is, you may be better staying put.

Find more about FHA Refinance : http://fhamortgageinfo.com/
... more
2 votes 6 answers Share Flag
Thu Sep 15, 2011
Dave Sutton answered:
I think Shane answered your question but if you want a local mortgage broker who's sharp on both FHA and conventional, talk with Mark Boeck at Windermere Mortgage MBoeck@Windermere.com (503) 497-5367 ... more
0 votes 5 answers Share Flag
Sat Jul 24, 2010
Bob Movin-On answered:
Call your bank explain the situation and ask for a modification anything other will be a form of foreclosure and have life changing ramifications.

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of Foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like; insurance rates, your job (yes employers are checking credit records these days).

Your credit score will be reduced by 200-400 points, short sale and deed-in-lieu-of a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure – “YES” Short Sale and Deed-in-lieu-of are forms of foreclosure
• Buying after a Walk Away Foreclosure
The waiting period is 7 years
• Buying after a Foreclosure
The waiting period is 5 years with 20% deposit up to 7 years.
• Buying after a Foreclosure with Extenuating Circumstances
The waiting period is 3 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.
• Buying after a Short Sale
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Short Sale with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.

In addition to the waiting period and minimum down payment, you will be required to have a minimum FICO score and the home purchase must also be the principal place of residence, not a rental nor a vacation home.

Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.

Good Luck
Bob Patrick
Buy a home after foreclosure expert
... more
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