Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Placerville : Real Estate Advice

  • All66
  • Local Info6
  • Home Buying22
  • Home Selling2
  • Market Conditions6

Activity 2
Sat Oct 5, 2013
BonnieEmber answered:
Hello Jay

FHA has just lowered the term for short sale, to repurchase another home, to 1 year!

Let's get this economy going. Buy Real Estate.

Fannie & Freddie are killing the economy with their rules of foreclosure, & short sales. ... more
0 votes 3 answers Share Flag
Thu Mar 3, 2011
Rudy McDowell answered:
Hi, Starting Over

From a FHA prespective, with the foreclosure, you have a min of 3 years before you eligble for a new mortgage. WIth a Chapter 7, its 2. So all in all, it sounds like you have at least another year before you're ready.

In the interim, and if you have not already done so, restablish credit by opening up some new credit cards/line. Most items that report to and show up on your credit report are called traditional lines of credit. Such a credit/trade line also has to be open for at least 12 months before its considered seasoned and usuable for credit history. 3 such trade lines are usually required. If you have documented 12 months of rental/leasing, auto/life insurance, utilites, cell phone history/payments, you would then only need 2 traditional credit lines.

Next, make certain you have no 30 days lates, collections, or judgements after the BK and foreclosures. Medical collections are exempt from this and allowed.

Hope this helps.
... more
0 votes 8 answers Share Flag
Search Advice
Search
Financing in Placerville Zip Codes

Followers

205