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Time frames that are acceptable for loans that have
had a bankruptcy or foreclosure:
Conforming Loans:
Chapter 7 - 4 years from discharge date
Chapter 13 – 2 years from discharge date,
4 years from dismissal date
Short Sale – 2 years
Foreclosure – 4 years
FHA Loans:
Chapter 7 – 2 years from discharge date
Chapter 13 – 1 year from file date
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Can leave Chapter 13 open
or pay it off
Foreclosure – 3 years
Foreclosure started; but
didn’t foreclose? Can refinance 1 year later if good pay history
MORTGAGE MYTHS:
True or
False: I am only allowed “ONE” FHA, VA or USDA loan in my life time.
FALSE!
True or False: FHA, VA and USDA loans are only for First Time Home buyers.
FALSE!
True or False: You need a 10 or 20 percent
Down Payment
to buy a home. FALSE! We can show you ways to finance up to 100% of
the value of your new home!
True or
False: You need to purchase
Mortgage Insurance
if your
Down Payment
is less than 20 percent. FALSE! We can show you ways to avoid
mortgage premiums and let that cash pay down your principal instead!
True or
False: You can’t qualify for a mortgage if you’ve had credit issues in the
past. FALSE! There is no kind of credit situation our experts haven’t
seen, and we have mortgage types for virtually any kind of credit situation!
True or
False: Owning costs more than renting. FALSE! We can show you
mortgage programs with monthly payments that are compatible with the rent
you’re paying now—and you’ll be building
Equity,
not supporting your landlord!
True or
False: Checking your own credit rating lowers it. FALSE! Experts
recommend checking your credit rating at least three times a year to make
sure there are neither errors nor anyone using your credit identity!
True or False: Shopping
around lowers your credit score. FALSE! All inquiries conducted
within 14 days for the same kind of credit—such as a home mortgage—count as
a single inquiry!
*LET US SEE IF YOU
QUALIFY!!!
If you would like to
refinance...
click here to apply online 
secure site!
If you would like to
purchase a home...click
here to apply online
secure site! |
