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NON-QM Mortgage One Day Out Of Foreclosure And Bankruptcy

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NON-QM Mortgage One Day Out Of Foreclosure And Bankruptcy

This BLOG On NON-QM Mortgage One Day Out Of Foreclosure And Bankruptcy Was PUBLISHED On March 21st, 2019

Gustan Cho Associates at Loan Cabin Inc. offers NON-QM Mortgage One Day Out Of Foreclosure and Bankruptcy.

We will discuss our nonqm mortgage one day out of foreclosure and bankruptcy in this blog.

Waiting Period Requirements After Bankruptcy And Housing Event With Government And Conforming Loans

Government and conventional loans require mandatory waiting period after foreclosure and bankruptcy. Here are the waiting period requirements on government and conventional loans:

  • HUD, the parent of FHA, requires a two year waiting period after bankruptcy to qualify for FHA Home Loans
  • FHA requires a three year mandatory waiting period of 3 years after foreclosure, deed in lieu of foreclosure, short sale
  • VA has a 2 year mandatory waiting period after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale
  • USDA required 3 years after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale
  • Fannie Mae and Freddie Mac require a 4-year waiting period after Chapter 7 Bankruptcy, deed in lieu of foreclosure, short sale
  • Fannie Mae and Freddie Mac has a two-year waiting period after Chapter 13 Bankruptcy discharge date
  • Most jumbo lenders will have a 7-year waiting period to qualify for Jumbo Mortgages

Non-QM Mortgage One Day Out Of Foreclosure And Bankruptcy has no waiting period.

NON-QM Mortgage One Day Out Of Foreclosure

Housing Event Date Versus Recorded Date

Many homeowners who went through a foreclosure and/or deed in lieu of foreclosure many years ago have issues with lenders not recording their housing event in public records.

  • For example, a homeowner may have turned in their keys and settled with a lender with a deed in lieu of foreclosure 5 years ago
  • However, the lender did not record the deed transfer until now
  • Unfortunately, the waiting period start date will not begin until today
  • The date where homeowners turned in their keys does not count
  • It is the date the housing event was recorded in the county’s recorder of deeds office
  • This date is the official date of the waiting period start date
  • The waiting period requirement will disqualify home buyers from qualifying for a government and/or conventional mortgage

Now home buyers can qualify for nonqm loans with no waiting period requirements.

NON-QM Mortgage Guidelines

NON-QM Loans are not hard money loans. They are portfolio loans. Mortgage Rates are slightly higher than government and conventional loans. Mortgage Rates On NON-QM Loans depends on the longevity of the housing event, the credit scores of borrowers, and the down payment home buyers are putting down. Normal down payments are 10% to 20%. There is no maximum loan limits on non-qm loans. There is no private mortgage insurance required. Borrowers who need further information on non-qm mortgage one day out of foreclosure and/or bankruptcy, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. The Gustan Cho Team at Loan Cabin Inc. is available 7 days a week, evenings, weekends, and holidays.

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