Buying a Home After Extenuating Circumstances: Get Started Early

Reblogger Fred Griffin, on leave of absence from ActiveRain
Real Estate Broker/Owner with Fred Griffin Real Estate Florida Broker BK436788

     "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."

     Chicago area Mortgage Lender Gene Mundt gives great advice to those who have gone through Bankruptcy, Foreclosure, Job Loss, or other economic hardship.   If you are seeking to buy a Home again, follow Gene's advice!

_____________________________

 

 

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

 

 

 

 

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   

 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender     Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

    

 

Gene Mundt

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

American Portfolio Mortgage Corp.

                                                                    

NMLS # 175656

 

Gene Mundt, Mortgage Lender, a Lender with 37 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. 

Contact Gene Mundt, Mortgage Lender Today!

 

Your Referrals are Greatly Appreciated!

Email Me .. to be added to my Bi-Weekly Mortgage & Real Estate Newsletter

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Rainer
145,003
Andrzej Niemyjski
Realty One Group - Sun City West, AZ

Some of those situation may be very hard for clients to talk about but its just part of life and as long as everyone is honest those situation could be handled

Oct 05, 2015 09:59 AM #1
Rainmaker
538,339
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Fred,

In a world where you can get a custom computer delivered over night people just can’t understand why it takes so long to buy a house.

Oct 06, 2015 02:20 AM #2
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Fred excellent reblog, there are still consumer who are unware of the wait period.

Oct 12, 2015 03:58 PM #3
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Hi Fred, Many buyers think they cannot buy because they had problems in their pasts. It is good to know there are exceptions.

Oct 17, 2015 12:09 PM #4
Rainmaker
758,046
Kimo Stowell
HI Pro Realty LLC RB-21531 - Honolulu, HI
REALTOR Associate® RS-76763 - Honolulu Hawai'i

Aloha Fred,

I missed this post earlier thanks for reposting. There are many people who miss opportunities, because they are unaware that the exist at all. 

a hui hou,

Oct 18, 2015 04:00 AM #5
Rainmaker
3,054,229
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

I noticed you haven't posted on Active Rain for a while and was wondering if all is OK?  Come back to the 'Rain!

Oct 25, 2015 10:55 PM #6
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Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Tony and Suzanne Marriott   

     Thanks, Tony and Suzanne.   I have been swamped busy lately (which is a good thing).  I will start blogging again soon.   Best to you!

Oct 26, 2015 11:37 AM #7
Rainmaker
4,162,676
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Fred, great post to re-blog, as I missed Gene's original post.   Great information for those that happened on hard times.

Oct 27, 2015 10:03 PM #8
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Fred Griffin, on leave of absence from ActiveRain

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