WHY WHY WHY Can't my buyers get a loan now???

By
Real Estate Agent with Coldwell Banker, Beachside 01843333
https://activerain.com/droplet/4Qxh

I have 3 sets of buyers.

ALL are employed.

All have 30% downpayment with additional cash reserves to cover mortgage costs for over a year.

ALL have Fico scores over 740.

 

ALL have had a shortsale less than 4 years ago.

 

Now, a year ago they were told they needed to wait 3 years before they can purchase again. Now, it's been moved up tp 4 years.

WHY???

Why are they being punished?

Why can't people get a loan, if they can qualify for one?

 

What is the point of making them wait?

 

I would think it would be better for the entire nation, for the real estate market, and for the economy as a whole to allow people who are thusly qualifed to purchase a home.

 

 

Home buying creates revenue for the entire counrty. More building, more construction, more landscapers, furniture and decorating sales. I just don't get it.

I have many move up sellers too. They have short sold other homes. They would like to sell and buy something larger for their growing family, but know they can't get a new loan.

This is stupid folks!!!!

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Topic:
Mortgage / Finance
Location:
California Orange County
Tags:
why cant my buyers get a loan now
why do my buyers have to wait if they had a short sale
whats the 4 yr waiting period for punishment

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Rainmaker
776,535
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Sher, that is why our favorite lender is a mortgage broker who can get competitive investor loans for buyers, unlike many banks and FHA,  that can work around foreclosures and short sales from a couple of years ago as long as they have the credit score and stable employment background.  

Apr 09, 2016 06:39 AM #1
Rainmaker
3,978,945
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Are they really being punished?

I know that one of my clients was turned down recently with about the same scenerio as yours because they willingly walked away from their home and not because of a hardship.

Apr 09, 2016 09:19 AM #2
Rainer
306,650
Mark Robinson
Geneva Financial, LLC - Beachwood, NJ
Honesty, Integrity, Service

They probably can get a loan. It's just a question of finding the right program and lender to fit their needs.

Apr 10, 2016 10:08 PM #3
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Rainer
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SHER Sheldon

Branch Manager, Recruiter, Coach, Hand-Holder!
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