1. Mortgage One Day Out Of Foreclosure Lending Guidelines
* The 2008 Great Recession plummeted real estate values nationwide.
– Many homeowners had teaser rates where their initial rates were low and graduated to a level
– Many could no longer afford their mortgage when teaser rates adjusted
– The combination of depressed real estate values and teaser rates, many homeowners ended up with underwater mortgages
– Underwater mortgages are home loans that are higher than the value of their homes
– This led many to foreclose on their homes or file bankruptcy
– Many homeowners went through the foreclosure process and foreclosed on their homes
– Other were offered a deed in lieu of foreclosure and turned keys to their lenders
– Others had a short sale
– Lenders have a history of not changing the deed over to the lender’s name after foreclosure and/or deed in lieu of foreclosure until many years later
– This often hurts home buyers with prior foreclosure and/or deed in lieu of foreclosure
– Gustan Cho Associates often get borrowers who had a foreclosure years ago but the deed is not yet transferred out of their names
– This hurts their chances of qualifying for government and conventional loans
– Government and conventional loans have a mandatory waiting period after foreclosure, deed in lieu of foreclosure, short sale, and bankruptcy
– The great news is Gustan Cho Associates Mortgage Group has a loan program for Mortgage One Day Out Of Foreclosure
This Mortgage One Day Out Of Foreclosure enables homebuyers to qualify for a mortgage with no waiting period after housing event. We will discuss Mortgage One Day Out Of Foreclosure Lending Guidelines. Mortgage One Day Out Of Foreclosure is possible at Gustan Cho Associates Mortgage Group with our non-QM loans. Non-QM Loans has no waiting period requirements after foreclosure, deed in lieu of foreclosure, short-sale, and bankruptcy.
2. Mortgage One Day Out Of Foreclosure With NON-QM Loans
Homebuyers can qualify for mortgage one day out of foreclosure and/or bankruptcy with non-QM loans. 10% to 20% down payment is required. Amount of down payment depends on borrowers credit scores. Mortgage rates depend on borrowers credit scores and down payment. There is no maximum loan limit on non-QM loans. There is no private mortgage insurance required on non-QM loans.
Borrowers who need to qualify for Mortgage One Day Out Of Foreclosure, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com.
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