Challenged Credit and Obtaining a Loan

Challenged Credit and Obtaining a Loan

The economic times are tough, and creating more and more credit challenged borrowers. Which is creating a lot of confusion about the waiting periods for when you can obtain a loan. Here are the latest foreclosure, bankruptcy and short sale waiting periods for FHA (stay tuned these keep changing!):

 

Short Sale:  

- No waiting period if mortgage and other debts were current at the time of the short sale, no late payments of any kind in the previous 12 months, and lender accepted short sale amount as payment in full
 - Otherwise, 3 years

 

Foreclosure/Deed-In-Lieu of Foreclosure: 

3 years from transfer date to the foreclosing lender (check county auditors records).

 

Full Bankruptcy: 

2 years from the discharge date.

 

Chapter 13: 

After 1 year of on-time payments in the plan, with court approval.

 

Call David.....

If you have questions about any kind of loan, please give David Dikeman at Insight Bank a call, and please tell him Amy Bumpus referred you. 

Also note, OHFA loans are available from 9/5/11 until 3/8/12...must close by this date. If your have not owned, or had an interest in a primary residence, in the last 3 years (or are a qualified military veteran), your credit scores are above 640, and your maximum household income is less than $68,000....ask about this Ohio Housing Finance Agency program! 

David Dikeman

Home Mortgage Consultant

Insight Bank

614-807-3891 Direct

614-330-7999 Cell

David.Dikeman@insightbank.com

Call me....

If you have questions about your options for selling your home and you owe more than you can sell the home for, please give me a call, I'm happy to help you review your options, and there are more available now (ex. Short Sale, HAFA Short Sale, Loan Modification). Of course, call me with any questions about buying or selling anytime. 

Amy Bumpus

Coldwell Banker King Thompson, The Benadum Team

614-657-2005 —Call or text

abumpus@insight.rr.com