Although Fanny Mae guidelines will prevent a seller from buying another home for 5 years after a foreclosure (2 years on a short sale), there are better options available for California sellers who have been through foreclosure. Golden 1 offers a Mortgage Repair Loan to home owners who have lost their home to foreclosure within the past 6 to 18 months.
The Mortgage Repair Loan comes with a fixed-rate of interest, and there are a number of terms to choose from. The maximum loan amount is $417,000. The loan is available to owner-occupant borrowers who took out a loan between January 1, 2005 and December 21, 2006 at another institution and were foreclosed upon.
Golden 1 requires borrowers to be:
- In the same job for one year
- Have 3 years of experience in the same industry
- Have a Golden 1 checking account with direct deposit
Golden 1 says Foreclosure Isn't Forever! Other terms and conditions may apply.
If you'd like to buy a home after a recent foreclosure, it's worth checking out. If you live in the Sacramento area, please feel free to call me at 916.233.6759. I'd love to help you find a new home.
photo: Big Stock Photo
The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.