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Mortgage One Day Out Of Foreclosure Lending Guidelines

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Mortgage One Day Out Of Foreclosure Lending Guidelines

This BLOG On Mortgage One Day Out Of Foreclosure Lending Guidelines Was PUBLISHED On March 9th, 2019

The 2008 Great Recession plummeted real estate values nationwide.

  • Many homeowners had teaser rates where their initial rates were low and graduated to a level
  • Many could no longer afford their mortgage when teaser rates adjusted
  • The combination of depressed real estate values and teaser rates, many homeowners ended up with underwater mortgages
  • Underwater mortgages are home loans that are higher than the value of their homes
  • This led many to foreclose on their homes or file bankruptcy
  • Many homeowners went through the foreclosure process and foreclosed on their homes
  • Other were offered a deed in lieu of foreclosure and turned keys to their lenders
  • Others had a short sale
  • Lenders have a history of not changing the deed over to the lender’s name after a foreclosure and/or deed in lieu of foreclosure until many years later
  • This often hurts home buyers with prior foreclosure and/or deed in lieu of foreclosure
  • Gustan Cho Associates often get borrowers who had a foreclosure years ago but the deed is not yet transferred out of their names
  • This hurts their chances of qualifying for government and conventional loans
  • Government and conventional loans have a mandatory waiting period after foreclosure, deed in lieu of foreclosure, short sale, and bankruptcy
  • The great news is Gustan Cho Associates Mortgage Group has a loan program for Mortgage One Day Out Of Foreclosure

This Mortgage One Day Out Of Foreclosure enables home buyers to qualify for a mortgage with no waiting period after housing event. We will discuss Mortgage One Day Out Of Foreclosure Lending Guidelines. Mortgage One Day Out Of Foreclosure is possible at Gustan Cho Associates Mortgage Group with our nonqm loans. Non-QM Loans has no waiting period requirements after foreclosure, deed in lieu of foreclosure, short-sale, and bankruptcy.

Waiting Period Guidelines On Government And Conforming Loans

Government and Conventional Loans have mandatory waiting period after foreclosure, deed in lieu of foreclosure, short-sale, and bankruptcy. Here are the minimum waiting period guidelines after bankruptcy and/or housing event:

HUD Waiting Period Guidelines On FHA Loans:

  • There is a two year waiting period after Chapter 7 Bankruptcy to qualify for FHA Loans
  • There is a three year waiting period after Foreclosure, Deed In Lieu Of Foreclosure, Short-Sale to qualify for FHA Loans
  • Borrowers can qualify for FHA Loans one year into a Chapter 13 Bankruptcy Repayment Plan with Trustee Approval
  • There is no waiting period after Chapter 13 Bankruptcy discharged date on FHA Loans

VA Waiting Period Guidelines On VA Home Loans:

  • There is a two year waiting period after Chapter 7, foreclosure, deed in lieu of foreclosure, short-sale to qualify for VA Loans
  • Borrowers can qualify for VA Loans one year into a Chapter 13 Bankruptcy Repayment Plan with Trustee Approval
  • There is no waiting period after Chapter 13 discharged date to qualify for VA Loans

USDA Waiting Period Guidelines On USDA Loans:

  • There is a three year waiting period after bankruptcy, foreclosure, deed in lieu of foreclosure, short-sale on USDA Loans

Fannie Mae And Freddie Mac Guidelines On Conventional Loans

Here are Fannie Mae and Freddie Mac Guidelines On Conventional Loans:

  • Four-year waiting period after short-sale and/or deed in lieu of foreclosure
  • Seven-year waiting period after foreclosure
  • Four-year waiting period after Chapter 7 Bankruptcy
  • Four-year waiting period after Chapter 13 Dismissal Date
  • Two-year waiting period after Chapter 13 Discharged Date

Fannie Mae and Freddie Mac has a unique guideline when it comes to borrowers with a mortgage included in bankruptcy:

  • There is a four-year waiting period after Bankruptcy discharged date if borrowers had a mortgage included in their bankruptcy
  • The date of the foreclosure does not matter but needs to be finalized
  • The mortgage cannot be re-affirmed after the bankruptcy

Mortgage One Day Out Of Foreclosure With NON-QM Loans

Home buyers can qualify for mortgage one day out of foreclosure and/or bankruptcy with non-qm loans. 10% to 20% down payment is required. Amount of down payment depends on borrowers credit scores. Mortgage rates depends on borrowers credit scores and down payment. There is no maximum loan limit on non-qm loans. There is no private mortgage insurance required on non-qm loans. 

Borrowers who need to qualify for Mortgage One Day Out Of Foreclosure, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com.

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