bankruptcy: Buy Again After Part 2 of 6 Short Sale, Foreclosure, BK FHA Financing - 12/06/13 04:48 AM

We all know lending guidelines change constantly so it’s always best to consult a loan professional about current guidelines.
Following are the basic guidelines and wait times to purchase a home after Short Sale, Foreclosure or Bankruptcy using FHA financing:
Short Sale of a delinquent mortgage (1 late payment or more) or an FHA insured mortgage:
- Must be treated as foreclosure and a minimum three years must have elapsed since the date of pre-foreclosure/short sale completion. If FHA insured loan, CAIVRS will reflect claim paid.
Short Sale of a Non Delinquent Mortgage (waiver of the 3 year waiting period):

bankruptcy: Buy Again After, Part 1 of 6....What Exactly is a Boomerang Buyer? - 11/15/13 06:06 AM

“Boomerang buyers”— former home owners who have gone through a short sale, foreclosure, or bankruptcy in the past few years are coming back. They have exceeded their waiting periods to buy again and in the meantime have saved down payments as well as repaired their credit.
According to RealtyTrac Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 million gave them up in short sales,. The good news is a growing number of buyers have rebuilt their credit and are looking to buy again.
Past homeowners typically have a homeownership mentality. They … (0 comments)

bankruptcy: HUD Counseling for the Back to Work - Extenuating Circumstances Program - 09/16/13 06:38 AM
ALAMEDA CA - Back to Work - Extenuating Circumstances Program, the new FHA program that allows for shortened waiting periods is a great opportunity for people looking to get back into the housing market after short sale, bankruptcy or foreclosure.  The first thing a home buyer needs to do to get qualified for this program is take a counseling class.
The counseling must address the cause of the economic event and the actions taken to overcome the economic event and reduce the likelihood of reoccurrence. The housing education may be provided by HUD-approved housing counseling agencies, state housing finance agencies, approved … (0 comments)

bankruptcy: How Long Until You Can Buy Again After Short Sale, Foreclosure or Bankruptcy in Alameda, CA? - 02/13/12 07:44 AM

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A lot of people ask this question and it’s a great question.
And the answer is- That depends. You see, guidelines are always changing and will continue to change over the next few years.
In fact they JUST changed! So here is how it stands today…
Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your bankruptcy has been discharged for FOUR (4) years.
Foreclosure – Home was given back to the bank – no owner participation.
- 7 years from the date the foreclosure was completed and transferred back to the bank … (1 comments)