HOME LOAN RIGHT AFTER SHORT SALE OR FORECLOSURE

Are you wondering…

“Can I get a home loan right after a short sale in the SF Bay Area?” The answer is YES you CAN get a loan recently after a short sale or a foreclosure with the 2nd chance home loan.

Not every lender offers this and not every borrower will qualify. See the criteria below and see if you should apply. If your financial history is in the process of healing some wounds like this piggy bank THAT IS OKAY!!

You are NOT in a boat by yourself.

THIS IS NOT HARD MONEY

SEE OTHER TOUGH LOANS THAT WE’VE CLOSED HERE

Criteria to Get a Mortgage Right After Short Sale

RECENTLY THE RULES WERE CHANGED FOR 2014 WAIT TIMES.

Have you recently been through a Foreclosure and/or deed in lieu of Foreclosure or a Short Sale? The current waiting periods to qualify are:

FHA – 3 years from the completion date of the foreclosure
Conventional – 5 years from the completion date of the foreclosure
VA – 2 years from the completion date of the foreclosure
USDA Rural – 3 years from the completion date of the foreclosure.

“Now, There is a Better Way to Take Advantage of Today’s Low Prices and Own Instead of Rent with a Second Chance Loan from Jason Wheeler and c2 Financial”

Basic Second Chance Mortgage Requirements:

Primary Residence Purchase Transactions only/Full Doc
Your financial troubles must be behind you
LTV: <75% ………will consider up to max LTV of 75% with strong compensating factors.
FICO: Not FICO driven……..Our plan is to get your FICO to where it needs to be prior to when the loan is eligible to refinance.
RATE: Moderate interest rate based on total circumstances…….full amortization is required. (3/1 LIBOR ARM Program)
ESCROWS: Property taxes and homeowners insurance must be escrowed. CANNOT be waived.

If you meet the criteria listed above and would like us to consider your loan request you will need to provide:

a complete loan application,
last 2 years 1040′s and W-2′s,
two most recent pay stubs,
2 most recent months of asset documentation (bank statements, 401K statements, etc.), and
detailed letter of explanation regarding the circumstances and the events that led to your current situation.

*Short sales are typically treated the same as foreclosures listed above. The exception would be if the short sale took place and the mortgage was current and paid as agreed for the period leading up to and including the short sale, in that case FHA would allow immediate purchase subject to other conditions.