Buying a home after Short Sale, Foreclosure or Bankruptcy

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Find out how you can qualify for a mortgage and buy a house after you have had a Short Sale, Foreclosure or Bankruptcy (Chapter 7 and Chapter 13). The slides talk about Conventional (Conforming) and …

Find out how you can qualify for a mortgage and buy a house after you have had a Short Sale, Foreclosure or Bankruptcy (Chapter 7 and Chapter 13). The slides talk about Conventional (Conforming) and FHA loans eligibility criteria after Short Sale, Foreclosure and Bankruptcy.

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  • 1. Buying a Home after Short-sale, Foreclosure or Bankruptcy Shashank Shekhar CEO, Arcus Lending
  • 2. About Arcus Lending• Arcus Lending is Mortgage Lender based in San Jose, California• Products Offered: Residential Mortgages- FHA, Conventional, VA, 203K, HARP, HomePat h• Geography Served: California, Washington and Oregon• What are they known for: Legendary customer service, quick closing and rates that are consistently better than the leading banks
  • 3. Ab About Shashank Shekhar• Shashank is the Founder and CEO of Arcus Lending• An Amazon.com Best-selling Author, Shashank is widely regarded as California’s #1 Mortgage Expert• He is a National speaker, and a blogger who is frequently tapped for his expertise by various national and local media including FOX, CBS, ABC and NBC
  • 4. Agenda• Mortgage Qualification After a short-sale• Mortgage Qualification After Foreclosure• Mortgage Qualification After Bankruptcy
  • 5. Mortgage Qualification After a Short-sale• Qualifying for Conventional mortgage after Short-sale: – For conventional mortgage backed by Fannie Mae the following waiting period requirements apply • Two years for transactions with a maximum Loan-to-value ratio (LTV) of 80%. • Four-year for transactions with a maximum LTV of 90% • Seven years for transactions with an LTV > 90% • For loans backed by Freddie Mac , a regular LTV loan is possible after 4 years• Qualifying for FHA Loan after Short-sale: – To qualify for an FHA loan after short-sale the waiting period is 3 years – Some exceptions may apply if you were not late on any mortgage or installment debt 12 months prior to the short-sale debt – Caveat to three year wait period: No bankruptcy or foreclosure prior to the short-sale
  • 6. Mortgage Qualification After Foreclosure• Qualifying for Conventional mortgage after Foreclosure: – Waiting Period: 7 years measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.• Qualifying for FHA Loan after Foreclosure: – Waiting Period: 3 years after the foreclosure – If the loan secured by the foreclosed property was not an FHA loan, the foreclosure time frame is measured from the foreclosure completion date. – If the loan secured by the foreclosed property was an FHA loan, the three year time frame is measured from the date FHA paid the insurance claim.
  • 7. Mortgage Qualification After Bankruptcy• Qualifying for Conventional mortgage after Bankruptcy: – For Chapter 7 bankruptcy, waiting period is 4 years before which you can qualify for a conventional mortgage. – For Chapter 13 bankruptcy, 24 months must elapse from the discharge date or 48 months from the dismissal date.• Qualifying for FHA Loan after Bankruptcy: – Wait period for an FHA loan after Chapter 7 bankruptcy is two years. – To qualify for an FHA loan after Chapter 13 bankruptcy, following guidelines apply: • Document at least one year into the payout plan has elapsed • Document all required payments have been made on time • If borrower is still in repayment, obtain court permission to enter into the new mortgage
  • 8. Questions• Call (408) 615 0655• Email: Info@ArcusLending.com• Website: www.ArcusLending.com• Blog: www.LendingExpertBlog.com Shashank Shekhar NMLS 8176