Believe it or not we are already starting to see buyers who have
met their waiting period time frames and are getting close to
buying a house after a foreclosure, short sale, or bankruptcy. Many
people think they have to wait 7-10 years and their is a lot of
rumors and miss-information circling around. Knowing what their
individual waiting periods are can be liberating.
The wiating period time frame following a foreclosure, short
sale, and bankruptcy is based on their completion date of their
To read last weeks update which broke down each situation and
the waiting period for a FHA Loan, VA Loan, Conventional and more,
just click here for waiting period update.
I have also launched a helpful and informative website to
educate borrowers about their waiting periods and how we can work
together during their waiting period to have them ready when their
individual time frames are up.
If you or a client ever has a question, do not hesitate to call
me. I'm here for you.
Just a quick revision to our "Waiting Period Chart" for
borrowers who have had a short sale in Arizona.
"If no mortgage lates in the 12 months leading up to the short
sale, a VA Loan may be obtained in less than 2 years."
To access the whole revised waiting period chart, click
We do a lot of VA Loans and this is a great option for those who
have benefits. Feel free to contact me anytime you have a question
regarding a VA Loan and we can walk through it.
Our Arizona market has many investors paying cash today! These
buyers are in a position to pay cash now with the intention to
obtain a mortgage on the property in the future. Standard waiting
period has been 6 months.
Great News! Fannie Mae just released and "Exception" which can
waive the 6 month waiting period.
Read the requirments that need to be met here.
I know, I know.....there's a lot to digest! Good news is you
don't need to know ALL of the details. That's what I do!
If you're currently working with cash investors, I am happy to
research the mortgage guidelines and prepare a personal financing
strategy for them to leverage their cash position. Don't hesitate
to call me.
Yesterday we posted a revised waiting period chart that now
includes "Deed in Lieu" situations for each loan type. And it
also still covers the latest mortgage scenarios regarding the
waiting periods for FHA, VA, Conventional, Jumbo, and USDA for
those who have endured foreclosure, short sale, and bankruptcy.
Click Here to See it.
I just posted a new "waiting period" chart for those looking to
buy a house after a short sale, foreclosure, or bankruptcy. It
covers FHA Loans, VA Loans, Conventional, as well as Jumbo and USDA
Rural (which just had a revision).
Click here to view the Waiting Period for Buying a House After -
Call me any time with your Arizona mortgage or market