Shoot me an email directly if you'd like to talk to me some more. I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
We also offer all of the conventional loans with the standard seasoning requirements. We are a direct lender for Fannie, Freddie, FHA and VA . We also have bank backed products as well.
The rates are very competitive. I would be happy to give you more detail over the phone. Feel free to look over my website as well.
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.
I have written about the notorious I-9 MOP encoding on consumer's credit reports that you don't see. We lenders are the only ones who can see this on your credit report. The good news is I have a team that knows how to handle this. I can assure you, that if your Husband's credit shows a Pre-Foreclosure due to rolling late mortgage payments 120 days plus, you will have an issue getting an AUS approval.
Therefore unless we do a Portfolio Product (not FNMA) or your husband's loan is manually underwritten it may be a problem. If I were you I would look into as soon as possible. You can check yourself by going on to http://www.annualcreditreport.com and seeing if the remarks "Foreclosure Started, or Repo, etc." shows on the tradeline(s).
If it does, you may need to some special handling and I would start massaging the credit asap so once you hit that 24 month mark, you'll be ready to go. Let me know if you have any questions, you can contact me direct as I don't follow each question after I leave my comments.
Best of Luck!
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.