Loans By Kathy

Second Chance for Homeowner's after a foreclosure or short sale

Second Chance for Homeowner's after a foreclosure or short sale. Yes there is hope but it will take some time.  The amount of time before another purchase can be made will be determined by the type of financing, the amount of your down payment and your CREDIT SCORE!

A foreclosure and sometimes a short sale can negatively impact your credit score by as much as 200 points.  It is going to take time to recover.  Remember there is no quick fix.  The best way to increase your credit score is by maintaining a perfect payment history and managing your account balances.  

FHA will allow for a new mortgage under the Back to Work Program 12 months after a short sale or foreclosure.  There are a set of specific requirements that must be met in addition to the normal FHA underwriting guidelines.  Borrowers should discuss their specific situation with a licensed mortgage originator.

It should also be noted that not all lenders are offering this program at this time.  

 

 

 

 

 

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Kathy Sheehan Senior Loan Officer

P:

770.634.4021

F:

404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comment balloon 7 commentsKathy Sheehan • December 08 2013 04:37PM
Second Chance for Homeowner's after a foreclosure or short sale
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