Financing After A
Short Sale* – Foreclosure* – Bankruptcy*
Standard FHA Financing – 3.5% Down Payment
- 2yrs after Ch. 7 Bankruptcy (must have re-established credit after BK and lender will be looking for a minimum 640 credit score)
- Financing available for borrower in the middle of a Ch. 13 BK (must have the BK court approval and most recent 12 months payments to the trusteee must be on time)
- 3yrs after Foreclosure
- 3yrs after Short Sale (if delinquencies prior to short sale).
~ ~ FHA EXCEPTION ~ ~ If there are no delinquencies in the 12 months immediately prior to short sale & the borrower did not short sale their home in order to take advantage of the market and purchase at a lower price, then Purchase is possible 1 day out of short sale on a case by case basis. * Strong letter of explanation & supporting documentation is a must to explain the reason the short sale occurred and that it was out of the borrower's control.
Standard Conventional Financing – 20% Down Payment
- 4yrs after Ch. 7 Bankruptcy (95% available after 7yrs)
- 2yrs after Ch. 13 Bankruptcy discharge (4yrs after discharge)
- 7yrs after Foreclosure
- 2yrs after Short Sale for 20% down
- 4yrs after Short Sale for 10% down
- 7yrs after Short Sales for 5% down
We have access to a Portfolio Lending Options
- 1yr minimum after Foreclosure, Bankruptcy or Short Sale
- 20% down payment minimum
- All transactions reviewed on case by case basis and manually underwritten
To Discuss any of these options Please Contact
(702) 271-1274 or
*These guideines are in effect as of the date of this posting and can change at any time without notice. This is not an offer of a loan or a loan guarantee or committment. Complete loan package must be submitted with all documentation and evidence as requested before file will be underwritten. Incomplete packages will not be considered. Please contact Casey Moseman for application and to start your loan package.