Steve, Less is more when it comes to waiting times after a Short Sale or a Foreclosure!
It is unfortunate, uncomfortable and a stressful situation to have lost a home to a Short Sale or Foreclosure. For those families impacted are now Renters or living with Family or Friends to have a roof over their head. It can be depressing to them in knowing that they have to wait for years to achieve a home of their own again.
I personally think it is unfair for consumers to have to wait years until they can purchase or refinance a home. I mean they have already been hit hard and now a long waiting period seems somewhat counterproductive. But the positive is that it does give them time to rebuild, budget and plan for the future, which is necessary for all Homeowners to do.
If you (like me) do not have the patience to wait and you know that you can afford your new home, and then the question is........ Why Wait?
Oh I forgot, I Have a Waiting Period that I must adhere to.
We know for sure Home Sales prices are going up. I would guess that Interest rates have more of chance of going up rather than going down, as we are in historical lows right now.
If you have been told that you have to wait 2 to 7 years to purchase a home (depending on your unique situation) Then depending on who you spoke to, what event you had in the past, you most likely were given the correct information as it pertains specifically to Fannie Mae, Freddie Mac or FHA set Guidelines. Each lender has to Follow those guidelines and some lenders may have more stringent guidelines that they impose because of their investors develop overlays that superseded the standard Guidelines.
If you are getting mixed information on your waiting periods, Let me know...
Ok that was a lot of words and I could have just said simply that "waiting to purchase can cost a lot of money".
What I mean by that is, if it is required that you have to Wait until years go by, then you might miss your buying power position in the home size or neighborhood you want or need as Home prices are on the rise and who knows, maybe interest rates will also rise? (I hope not)
Am I repeating myself?
Yes I am, as Housing prices are on the Rise and Interest rates are still in historical lows - it is time to get prepared to plan out your future home purchase as it just might closer than you think.
Are you saying that there is a Solid Solution for us and we can avoid the Waiting period?
Yes, Now there is a 2nd chance solution for those impacted families to achieve again the pride of homeownership. In Approved States, Consumers DO NOT have to wait at all to purchase or refinance after having a Foreclosure or Short Sale. You can return to the Housing Market now!
This helps the community and the local economy to grow as these consumers are now back in to a home with a new life and positive outlook toward their future.
It is simply amazing to see and feel the renewed energy and reaction when these families are handed the keys to their new home.
I believe knowledge is power and having the right information will assist you in making intelligent decisions for your family’s financial future.
If you would like accurate information that pertain to your unique situation and waiting period and more information on the 2nd Chance option, Please feel free to call me.
Sr. Loan Officer