By Pat Whitney
While others may have told you “NO”, the recent changes in loan program guidelines may allow those that lost their homes due to a short sale or foreclosure to re-enter the home buying market again.
Between home values plummeting beginning in 2006 to the large amount of job loss in our communities, many people simply could not maintain their payments and lost their homes.
FNMA, Freddie Mac and HUD have implemented a shorter waiting period for those that suffered a loss of job or 20% income reduction for at least 6 months; this is considered to be an “economic event” due to extenuating circumstances.
It would be my pleasure to see if you qualify for buying a home now while rates are still low!
Waiting Period Time Frames for Extenuating Circumstances Economic Event:
FHA VA USDA Conventional
Bankruptcy Chapter 7: Chapter 7: Chapter 7: Chapter 7:
2 years 2 years 3 years 2 years
Deed in Lieu of 1 year 2 years 3 years 2 years
Foreclosure
Foreclosure 1 year 2 years 3 years 3 years
Short Sale 1 year no time needed 3 years 2 years
Pat Whitney is the Sales Manager for Choice Lending Corp in Temecula, NMLS # 283273. She can be reached at Pat@patwhitney.com or by calling (760) 427-7676.