Mortgage Guidelines After Foreclosure To Qualify For Home Purchase
Borrowers Can Qualify For A Mortgage After A Housing Event
This Article Is About Mortgage Guidelines After Foreclosure To Qualify For Home Purchase
Mortgage borrowers can qualify for a mortgage after a housing event. A housing event is a foreclosure, deed in lieu of foreclosure, or short sale. Every loan program has its own waiting period requirements after a housing event. The waiting period start date starts from the date the homeowner has the deed of the home out of their name and into the name of the new owner. The waiting period does not start when the homeowner has surrendered the property. In this article, we will discuss and cover the agency mortgage guidelines to qualify for a mortgage after a housing event.
Qualifying For A Mortgage After A Housing Event And Bankruptcy
Homebuyers can get a second chance of becoming homeowners after foreclosure and bankruptcy. Mortgage Guidelines After Foreclosure and Bankruptcy have waiting period requirements on FHA, VA, USDA, Conventional Loans. However, there is no waiting period after foreclosure and/or bankruptcy per NON-QM Mortgage Guidelines After Foreclosure. NON-QM Loans are alternative finance home loan programs offered by Gustan Cho Associates with no waiting period requirements. There is no mandatory waiting period after housing event and/or bankruptcy with non-QM mortgages There are no maximum loan limits like government and conventional loans. Gustan Cho Associates offers bank statement loans for self-employed borrowers where income tax returns are not required.
Mortgage Guidelines After Foreclosure On Waiting Period Requirements
Government and conventional loans have a mandatory waiting period after housing events and/or bankruptcy to qualify for a new mortgage. Waiting Period Mortgage Guidelines After Foreclosure depends on the particular loan program. NON-QM Loans are portfolio loans offered by Gustan Cho Associates that have no waiting period after foreclosure or bankruptcy. Waiting period mortgage guidelines after foreclosure and/or bankruptcy apply to FHA, VA, USDA, and Conventional Loans. This applies to buying a home after Chapter 7 and 13 Bankruptcies, during Chapter 13 Bankruptcy Repayment Plan, after foreclosure, after a deed in lieu, after a short sale. Good news is there are alternative financing loan programs with no waiting period after foreclosure or bankruptcy called non-QM loans. We will be covering mortgage guidelines after foreclosure and/or bankruptcy one day out of housing event and/or bankruptcy.
Mortgage Guidelines After Chapter 7 Bankruptcy Discharge
There is a mandatory waiting period after Chapter 7 Bankruptcy on government and conventional loans. HUD, the parent of FHA, requires a two-year waiting period after Chapter 7 Bankruptcy discharged date. VA also requires 2 year wait period. Borrowers can qualify for VA and FHA Loans one year into Chapter 13 Bankruptcy discharged date There is no waiting period to qualify for VA and FHA Loans after Chapter 13 Bankruptcy discharged date. USDA requires a 4-year waiting period. Fannie Mae and Freddie Mac require 4 year waiting period on conventional loans. The four-year waiting period after Chapter 13 Bankruptcy dismissal date to qualify for conventional loans. Conventional loans require two year waiting period after Chapter 13 discharged date. We will be emphasizing non-QM loans in this article. No waiting period after housing event and/or bankruptcy with non-QM loans.
Waiting Period Guidelines After Housing Event On Government And Conventional Loans
Unlike NON-QM Loans, Government and Conventional Loans have waiting period requirements after housing event:
- Three year waiting period after foreclosure, deed in lieu, a short sale on FHA and USDA Loans
- Two year waiting period after foreclosure, deed in lieu of foreclosure, short sale on VA Loans
- Four year waiting period after a deed in lieu and/or short sale after a deed in lieu and/or short sale on conventional loans
- Seven-year waiting period after foreclosure to qualify for conventional loans
Mortgage Guidelines After Foreclosure And Bankruptcy On NON-QM Loans
Non-QM Loans are portfolio loans and alternative financing mortgage programs.
- Minimum down payment is 10% to 20% down payment on home purchase
- Down payment requirements depends on borrowers credit scores, seasoning after bankruptcy/foreclosure, reserves, and debt to income ratios
- NON-QM Loans are for both home purchase and refinance mortgages
- NON-QM Loans are ideal for divorced borrowers with bad credit who need to take the spouse off the mortgage note
- Cash-Out NON-QM Loans is available up to 80% Loan To Value
- Gustan Cho Associates offers 12-24 month bank statement loans for self employed borrowers with no income tax returns required and no waiting period after foreclosure/bankruptcy
- There is no maximum loan limit and no private mortgage insurance required on bank statement loans
- Credit score requirements can be as low as 500. Debt to income ratio caps up to 55% DTI with compensating factors
- Adjustable-Rate and Fixed-Rate Mortgages available on non-QM loans
NON-QM Loans are for owner occupant, second homes, and investment properties. Loan limits up to $3 million. No private mortgage insurance required.
Qualifying For Mortgage With Direct Lender With No Overlays
Borrowers with prior housing events and/or bankruptcies who need to qualify for a mortgage with a mortgage company licensed with multiple states with no lender overlays can contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at email@example.com. Gustan Cho Associates has no overlays on government and conventional loans. We are experts in non-QM and bank statement loans for self-employed borrowers.