HOW CAN I BUY A HOME 1 DAY AFTER A FLORIDA FORECLOSURE OR BANKRUPTCY- Many Florida home buyers who have gone through foreclosure or Florida bankruptcy ask, “ how long do I have to wait before I can purchase a home after a foreclosure or bankruptcy? If your calling around mortgage brokers most Florida bad credit lenders won’t even accept your application until a minimum 3 years.
WE APPROVE FLORIDA BORROWERS TO PURCHASE 1 DAY AFTER A FLORIDA FORECLOSURE SHORTSALE OR BANKRUPTCY FILING.
PORTFOLIO ADVANTAGES INCLUDE:
One Day Out of Foreclosure, Short Sale or Bankruptcy
Credit Scores Starting at 500
Florida Owner Occupied, 2nd Home or Investment Properties
30 Year Fixed Mortgage with NO Prepayment Penalty
Loans up to $750,000.00
Max Debt to Income is 50%
Max Loan to Value is 80%
Rates Start at 7.5%
Gift Funds are Allowed up to 6% On a Primary Residence
Property Types Allowed – Single Family Home, Townhome & Condo
24 Months Bank Statements Allowed For Self Employed Borrowers
Foreign Nationals Allowed
Most borrowers understand that your credit score takes hit after foreclosure or bankruptcy and they expect to pay slightly higher interest rates for a bad credit mortgage. Smart bad credit homebuyers see the value in buying VS renting and want to buy immediately after a foreclosure or bankruptcy. Then after 2-3 years of timely payment history you can get out of the refinance out of the bad credit Florida mortgage into and FHA mortgage a the best rates available.
No Seasoning after a short sale or foreclosure.
Up to 80% Loan to Value.
Credit Scores Start at 500
Loans up to 1 Million.
QUALIFYING FOR A BAD CREDIT FLORIDA MORTGAGE AFTER FORECLOSURE OR BANKRUPTCY- FHA mortgage loans are the most forgiving of of all loan programs for Florida borrowers with recent bankruptcy or foreclosures. To qualify for an FHA mortgage after a foreclosure, you must wait at least (3) three years after the deed transfers out of your name. The three-year clock starts ticking from the time deed to the foreclosure property is deeded to the bank or the new owner. You will want to login the the Florida county official records and do a deed search for your name. Save a copy of the deed for the records. The FHA Mortgage Lender will need a copy to validate the 3 year FHA requirement.
QUALIFYING FOR AN FHA MORTGAGE AFTER CHAPTER 7 OR CHAPTER 13 BANKRUTPCY- If you suffered a chapter 7 bankruptcy you must wait a full 2 years after the bankruptcy. If you filed a chapter 13 you must wait a full 12 months and prove timely payment history. You may still qualify for a mortgage during your chapter 13 with permission from the trustee.
QUALIFYING FOR A CONVETIONAL FANNIE OR FREDDIE MAC LOAN AFTER A FORECLOSURE – Prior to June 20, 2010, the waiting period for a Fannie Mae loan following a foreclosure was (5) five years. Now, to qualify for a Fannie Mae or Freddie Mac loan, you must wait at (7) least seven years after the deed from the foreclosure was transferred out of your name.