Buying a Home After Extenuating Circumstances: Get Started Early

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

Buying a Home After Extenuating Circumstances: 

Get Started Early     

     

     Presently there are many people that previously suffered a Short Sale, Bankruptcy, or Foreclosure during the housing crisis becoming eligible to purchase a home once again ...

     The waiting periods surrounding each financial hardship varies, depending upon the mortgage program being utilized for the new purchase.  

 

     The waiting periods can range from:

  •      2 years (Conventional Loans AFTER Extenuating Circumstances
  • 2 years for VA Loans 
  • 3 Years for FHA Loans   
  • year ... if meeting FHA's Back-To-Work Program Parameters (extremely rare cases)
  • More       

  

     Note:

Extenuating Circumstances are defined as: 

     
Nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.  

     Proving those extenuating circumstances is not always easy.  And the criteria used to do so is fairly strict.  


     So those pursuing this path to purchase must understand:  The success of their Mortgage Application rests upon the details of their personal financial scenario and credit history ... and their ability to fully document it.     


     For those that lost employment or income:  The detailing of past employment can sometimes prove extremely challenging.  


     Why?  For one, former employers may no longer be in business.  


     Or even if past employers still remain in business, they may be unwilling to provide written documentation or explanation of their company's financial or employment history.  I just had such a case.  No amount of pleading on my behalf (or the former employee's) could change the company's stance regarding this matter.


     Other recent clients had an extensive number of jobs within a two-year period of time.  Yes, the positions they maintained were all within the same line of work, which is mandatory and proved helpful.  


     But ... proving the existence of continuous employment throughout that period of time ... for 2 people ... was much like putting a large difficult puzzle together.  The act of documenting the large number of jobs ate-up way more time than is typical during their processing.


     The point I want to make is:


     Should you be hoping to buy a home in the future ... and be someone that experienced any of the financial circumstances mentioned above ... don't wait.  Talk to me now.


     Because truth is:  Although this type of purchase and financing is often successful, it demands a higher and more detailed mortgage processing.  One that can take time.  


     Buying a Home After Extenuating Circumstances: Get Started Early.  The earlier we talk, the earlier we can get started on the work that needs to be accomplished.  And the better I can place you on the path to your successful financing and fluid home purchase.




    
 *  Hoping to buy a home in the greater Chicagoland area?  Contact me today.  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:


Gene Mundt

 Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220  -  WI Licensed

American Portfolio Mortgage Corp.

NMLS #175656

 

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

 

 

 

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Illinois Dupage County
Groups:
Mortgages
Home & Credit Savvy
Chicago Area Real Estate BUZZ!
Buyer Information - What Buyers Need to Know in Today's Market
Bananatude
Tags:
foreclosures
mortgage advice
bankruptcies
real estate advice
short sales
chicagoland home buying
buying a chicagoland home
buying a home after extenuating circumstances

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Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

The point of my post is just that ... to provide hope.  And to show that there can be a path to buying a home once again, Pamela Seley.  The first step of asking questions has to be taken though ...

For those in this situation, documentation of everything is needed and demanded.  This must be understood.  And a willingness to produce and document thoroughly is vital, Praful Thakkar.  It's not easy to accomplish, but it IS possible.  Much depends on the willingness and mindset of the client ...

Gene

Oct 06, 2015 02:02 AM #32
Rainmaker
679,980
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

Extenuating circumstances can happen at any moment to anyone. Documenting everything the best they can will at least give them the best shot at future homeownership. 

Oct 06, 2015 02:02 AM #33
Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Colby & Michele Myers ... thank you for your kind thumbs up!

Thank you for sharing your experiences, Fred Cope ... you prove exactly why these programs and opportunities are needed.  And that they CAN be successful with determination and hard work on the part of the buyer .. and their Lender.

Gene

Oct 06, 2015 02:04 AM #34
Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Can't overemphasize how important that is, especially in these challenging transactions, Christine Donovan ...

A good way to assess it, Laura Cerrano ...

Gene

Oct 06, 2015 02:06 AM #35
Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

These hardships don't need to exist for ever, Kat Palmiotti.  With early advice and guidance, they can be overcome.  Sometimes sooner than thought ...

Wayne Martin ... when entering into this type of transaction, it's definitely no time to work with a rookie.  Experience counts here ...

Gene

 

Oct 06, 2015 02:10 AM #36
Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Thank you Sham Reddy ...

Always appreciate your kindness and support, Richie Alan Naggar ... thank you!

Gene

 

Oct 06, 2015 02:11 AM #37
Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

I advise that those hoping to buy get in contact with a Lender up to a year before they want to start viewing homes, Shirley Coomer.  Should issues need to be addressed, they then have the time to do so successfully.  It would really help to eliminate much of the stress found in transactions ...

I know that documentation of finances and occurrences is the last thing on anyone's mind when going through hardships, Nicole Doty - Gilbert Real Estate Expert ... but it must be stressed that it's very important to do so, when and if you can.  In so many ways, after that fact, it makes healing and moving forward much easier ...

Gene

 

Oct 06, 2015 02:16 AM #38
Ambassador
2,564,984
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

If a buyer can keep all the documentation of the beginning of the failure, it can help a loan officer to defend their case.  I recall another government program where the buyer could potentially be eligible after 12 months if their credit history support the issues.

Oct 06, 2015 05:54 AM #39
Ambassador
670,428
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Thanks sir. You're looking as if life agrees with you these days!

Oct 06, 2015 10:09 AM #40
Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

You make an excellent observation, Ed Silva  Hard thing to grasp and remember while going through hard situations, but so very important.  The more info and documentation  you have to plead your case later, the better.  Keep those documents!  

Thank you, Paul McFadden .. it is!  Hope yours is too ...

Gene 

Oct 06, 2015 10:33 AM #41
Rainmaker
1,967,841
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Gene - I know someone who just suffered a short sale.  She is getting started right now on getting things in order.

Oct 06, 2015 01:12 PM #42
Ambassador
3,680,784
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Gene, it's important to start early because in today's market, buyers really need to have their ducks lined up to be competitive with sellers.  Good advice.

Oct 06, 2015 01:49 PM #43
Rainmaker
2,276,647
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Gene. A well deserved feature and such an important topic. There are many in situation because of their financial history that required lots of preparation for a future home purchase.

Oct 06, 2015 06:36 PM #44
Ambassador
670,428
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Gene, yes, life is always rich!

Oct 06, 2015 11:13 PM #45
Rainmaker
236,187
Dora Griffin
D A Griffin Financial.LLC - Fort Thomas, KY
NMLS 6380

Gene, great advice. As you point out although the programs are out there it does not mean it can get done. The buyer will need a lot of patience along with the organization of starting early.

Oct 07, 2015 12:23 AM #46
Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Wise move on their part, Grant Schneider ... glad you are there to advise!

A great point, Patricia Kennedy ... it's not only about navigating future financing.  It's about being ready and capable to make solid offers.  Thank you for adding that!

Gene

Oct 07, 2015 04:55 AM #47
Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

The numbers of people this effects is almost staggering, Joe Petrowsky ... so it's a message that needs to be heard ...

Very glad to hear that, my friend ... glad all is well, Paul McFadden!

Gene

Oct 07, 2015 04:56 AM #48
Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Your point is well made, Dora Griffin ... these are options ... possibilities that exist to consider.  The answers found, as well as the success found ... truly depends on the individual's history, documentation, and more.  For those that hope to buy though, it's worth the phone call to ask questions and seek factual answers ...

Gene 

Oct 07, 2015 04:59 AM #49
Rainmaker
5,463,534
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good reading for prospective mortgage borrowers. Many need to clear up credit issues.

Oct 11, 2015 08:37 PM #50
Rainmaker
1,239,817
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

For those in that situation, Roy Kelley ... working with a Lender early in the process will help.  I hope they reach out ...

Gene

Oct 12, 2015 04:44 AM #51
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Rainmaker
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