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Foreclosure property

Guidelines for Buying a Home after Foreclosure, Short Sale, or Bankruptcy

The puncture of the housing bubble and the subsequent recession caused many owners to lose their homes to foreclosure, short sale, or bankruptcy. As of February 2014, CoreLogic estimated that 4.9 million foreclosures were completed since September of 2008, with the majority occurring between 2009 and 2011.

Continue reading “Guidelines for Buying a Home after Foreclosure, Short Sale, or Bankruptcy” »

Real estate for sale

Central Coast Real Estate Update: REO and Short Sale Homes in 2014

As of April 1, 2014, there were 46 REO and 135 Short Sale listings in the area we loosely define as the California Central Coast. Our target area includes San Luis Obispo County and northern Santa Barbara County cities like Lompoc, Santa Maria, and Santa Ynez.

Continue reading “Central Coast Real Estate Update: REO and Short Sale Homes in 2014” »

800px-Construction

FAQ: Homes with Non-Permitted Additions are Eligible for Conventional Financing

After the real estate bubble popped and the economy fell into recession, many homeowners decided against leaving their homes and “trading up” or investing in new property, and instead focused on improving what they already had.

Continue reading “FAQ: Homes with Non-Permitted Additions are Eligible for Conventional Financing” »

Recent Articles

18
Apr

Mortgage Matters Radio: April 12 (NEW)

Guest: None

Central Coast Lending Soundcloud (full episode downloads)

 

18
Apr

Mortgage Rate Update (April 14 – April 18)

Below, please see our mortgage rate update for the week of April 14 – April 18. Mortgage rates have dropped by about 1/8 or 0.125 percent over the past week.

See our weekly market update column here: “Guidelines for Buying a Home after Foreclosure, Short Sale, or Bankruptcy.”

APR calculations assume a rate and term refinance of a single family detached owner-occupied primary residence, loan amount $417,000 ($561,200 for high balance and $625,000 for jumbo), and a minimum FICO score of 760.

Obtain a free pre qualification and rate quote from Central Coast Lending today! Give us a call at 805.543.LOAN.

Read more »

16
Apr

Do You Want to be a Better Investor?

“Investment is most intelligent when it is most businesslike. “ – The Intelligent Investor by Benjamin Graham.

This quote was originally written by Benjamin Graham. He is one of the key men in the great investment careers of Warren Buffett and Jonathan Bell Lovelace.

As many of you know, Buffett runs Berkshire Hathaway. To many, he is now known to most as one of the great investors of all time.

Read more »

16
Apr
Foreclosure property

Guidelines for Buying a Home after Foreclosure, Short Sale, or Bankruptcy

The puncture of the housing bubble and the subsequent recession caused many owners to lose their homes to foreclosure, short sale, or bankruptcy. As of February 2014, CoreLogic estimated that 4.9 million foreclosures were completed since September of 2008, with the majority occurring between 2009 and 2011.

Continue reading “Guidelines for Buying a Home after Foreclosure, Short Sale, or Bankruptcy” »

16
Apr

Guidelines for Buying a home after a Foreclosure (FHA, VA, USDA, Conventional)

The first thing a returning buyer needs to determine is the date of the foreclosure. This can be a bit confusing. The foreclosure process includes a notice of default, a notice of trustee sale, the actual trustee sale, and the move-out notice.

Click here to read full overview on obtaining financing after a negative credit event

Any questions about home loans in California? We are The Mortgage Experts: ask us anything! Call 805.543.LOAN or email us today.

The foreclosure “clock” – the minimum wait time before making a new home purchase – begins counting from the date of the trustee sale for most loan programs. From there, we can evaluate how long the returning buyer must wait before obtaining financing.

Here are general guidelines for how long a borrower must wait to obtain financing after a foreclosure:

FHA Back-to-Work Program
12 months

FHA
3 years (from sale date)

VA
3 years (from sale date)

USDA
3 years (from recorded date)

Conventional
5 years (from recorded date)

NOTE: The Warranty Deed is the instrument that transfers the title after foreclosure proceeding.  The Warranty Deed has a sale date listed, which is the date that is generally used. The USDA loan uses the date that the Warranty Deed is actually recorded.

 

Buying a Home after a Negative Credit Event (FULL BACKGROUND and OVERVIEW):

Foreclosure  |  Bankruptcy (Chapter 7 & Chapter 13)  |  Short Sale  |  Deed in Lieu  |  Loan Modification

Our print-friendly chart gives guidelines for buying a home using conventional, FHA, VA, or USDA finance after a bankruptcy, foreclosure, short-sale, deed-in-lieu, or loan modification. Click here to View.

 


Central Coast Lending is a California mortgage broker and direct lender based on the Central Coast of California in San Luis Obispo County. Call us today at 805.543.LOAN or email info@centralcoastlending.com to set up a free pre qualification. We are The Mortgage Experts: ask us anything!

About   ||   Mortgage FAQ   ||   Market Update Blog   ||   Radio Show   ||   Contact

16
Apr

Guidelines for Buying a home after a Chapter 7 Bankruptcy (FHA, VA, USDA, Conventional)

Here are general guidelines for how long a borrower must wait to obtain financing after a Chapter 7 Bankruptcy:

FHA Back-to-Work Program
12 months

FHA
2 years (from discharge date)

VA
2 years (from discharge date)

USDA
3 years (from discharge date)

Conventional
4 years (from discharge date)

 

Buying a Home after a Negative Credit Event (FULL BACKGROUND and OVERVIEW):

Foreclosure  |  Bankruptcy (Chapter 7 & Chapter 13)  |  Short Sale  |  Deed in Lieu  |  Loan Modification

Our print-friendly chart gives guidelines for buying a home using conventional, FHA, VA, or USDA finance after a bankruptcy, foreclosure, short-sale, deed-in-lieu, or loan modification. Click here to View.

 


Central Coast Lending is a California mortgage broker and direct lender based on the Central Coast of California in San Luis Obispo County. Call us today at 805.543.LOAN or email info@centralcoastlending.com to set up a free pre qualification. We are The Mortgage Experts: ask us anything!

About   ||   Mortgage FAQ   ||   Market Update Blog   ||   Radio Show   ||   Contact

16
Apr

Guidelines for Buying a home after a Loan Modification (FHA, VA, USDA, Conventional)

Here are general guidelines for how long a borrower must wait to obtain financing after a loan modification:

FHA
DU/LP Approval

VA
DU/LP Approval.

Conventional
2 years if no principal reduction, and if borrower has met the modification terms. DU/LP Approval.

 

Buying a Home after a Negative Credit Event (FULL BACKGROUND and OVERVIEW):

Foreclosure  |  Bankruptcy (Chapter 7 & Chapter 13)  |  Short Sale  |  Deed in Lieu  |  Loan Modification

Our print-friendly chart gives guidelines for buying a home using conventional, FHA, VA, or USDA finance after a bankruptcy, foreclosure, short-sale, deed-in-lieu, or loan modification. Click here to View.

 


Central Coast Lending is a California mortgage broker and direct lender based on the Central Coast of California in San Luis Obispo County. Call us today at 805.543.LOAN or email info@centralcoastlending.com to set up a free pre qualification. We are The Mortgage Experts: ask us anything!

About   ||   Mortgage FAQ   ||   Market Update Blog   ||   Radio Show   ||   Contact

16
Apr

Guidelines for Buying a home after a Chapter 13 Bankruptcy (FHA, VA, USDA, Conventional)

Here are general guidelines for how long a borrower must wait to obtain financing after a Chapter 13 Bankruptcy:

FHA Back-to-Work Program
12 months

FHA
2 years (from discharge date)

VA
2 years (from discharge date)

USDA
3 years (from discharge date)

Conventional
4 years (from discharge date)

 

Buying a Home after a Negative Credit Event (FULL BACKGROUND and OVERVIEW):

Foreclosure  |  Bankruptcy (Chapter 7 & Chapter 13)  |  Short Sale  |  Deed in Lieu  |  Loan Modification

Our print-friendly chart gives guidelines for buying a home using conventional, FHA, VA, or USDA finance after a bankruptcy, foreclosure, short-sale, deed-in-lieu, or loan modification. Click here to View.

 


Central Coast Lending is a California mortgage broker and direct lender based on the Central Coast of California in San Luis Obispo County. Call us today at 805.543.LOAN or email info@centralcoastlending.com to set up a free pre qualification. We are The Mortgage Experts: ask us anything!

About   ||   Mortgage FAQ   ||   Market Update Blog   ||   Radio Show   ||   Contact

16
Apr

Guidelines for Buying a home after a Short Sale (FHA, VA, USDA, Conventional)

Here are general guidelines for how long a borrower must wait to obtain financing after a short sale:

FHA Back-to-Work Program
12 months

FHA
3 years (from sale)

VA
2 years (from sale) if borrower was not delinquent at time of transfer.
3 years (from sale) if borrower was delinquent at time of transfer.

USDA
3 years (from sale)

Conventional
2 years (80% LTV)
3 years (90% LTV)
4 years (90% LTV)
5 years (Maximum LTV)

 

Buying a Home after a Negative Credit Event (FULL BACKGROUND and OVERVIEW):

Foreclosure  |  Bankruptcy (Chapter 7 & Chapter 13)  |  Short Sale  |  Deed in Lieu  |  Loan Modification

Our print-friendly chart gives guidelines for buying a home using conventional, FHA, VA, or USDA finance after a bankruptcy, foreclosure, short-sale, deed-in-lieu, or loan modification. Click here to View.

 


Central Coast Lending is a California mortgage broker and direct lender based on the Central Coast of California in San Luis Obispo County. Call us today at 805.543.LOAN or email info@centralcoastlending.com to set up a free pre qualification. We are The Mortgage Experts: ask us anything!

About   ||   Mortgage FAQ   ||   Market Update Blog   ||   Radio Show   ||   Contact

16
Apr

Guidelines for Buying a home after a Deed in Lieu (FHA, VA, USDA, Conventional)

Here are general guidelines for how long a borrower must wait to obtain financing after a deed in lieu:

FHA Back-to-Work Program
12 months

FHA
3 years (from sale)

VA
2 years (from sale) if borrower was not delinquent at time of transfer.
3 years (from sale) if borrower was delinquent at time of transfer.

USDA
3 years (from sale)

Conventional
2 years (80% LTV)
3 years (90% LTV)
4 years (90% LTV)
5 years (Maximum LTV)

 

Buying a Home after a Negative Credit Event (FULL BACKGROUND and OVERVIEW):

Foreclosure  |  Bankruptcy (Chapter 7 & Chapter 13)  |  Short Sale  |  Deed in Lieu  |  Loan Modification

Our print-friendly chart gives guidelines for buying a home using conventional, FHA, VA, or USDA finance after a bankruptcy, foreclosure, short-sale, deed-in-lieu, or loan modification. Click here to View.

 


Central Coast Lending is a California mortgage broker and direct lender based on the Central Coast of California in San Luis Obispo County. Call us today at 805.543.LOAN or email info@centralcoastlending.com to set up a free pre qualification. We are The Mortgage Experts: ask us anything!

About   ||   Mortgage FAQ   ||   Market Update Blog   ||   Radio Show   ||   Contact