Wednesday, May 30, 2012
Monday, May 21, 2012
Wednesday, May 9, 2012
Friday, May 4, 2012
Getting a Conventional Loan After a Short Sale
Based on the struggling economy of the past 3 years many homeowners have been forced get rid of their property through a short sale. As people rebuild their credit and improve their incomes they are starting to get the itch to buy a home again. Here are the general guidelines for qualifying for a conventional mortgage following a short sale.
Be Patient
The first thing to understand is that time heals all wounds, even credit problems. Most lenders will require the people wait a minimum of two years up to a maximum of four years following the short sale of their home. Lenders require this passage of time to give people a chance to re-establish their credit and also improve their financial habits that will lead to better budgeting and better saving principles.
Get a Good Down Payment
For people that can save up a 20% down payment they will only have to wait the minimum two years. In addition, if these people faced extraordinary circumstances that forced them into the short sale, they may also be given a little leniency and only have to wait the two years.
For people who were simply victims of bad planning and wrong decisions, they will have to wait the longer period. Also, people that only have a 10% down payment will have to wait for the four years.
Take the Time to Reestablish
During the waiting period it is a good idea to really invest in your financial knowledge. Read up on how credit works and develop good spending habits. This is the time where the old adage “pay yourself first” will really come in handy. Putting away a little in savings each time you get paid will go a long ways towards building up your down payment as well as developing an emergency fund that can help you out when an emergency arises.
Contact us below or apply online to see if you qualify for a conventional mortgage!
Please feel free to call me for any of your real estate needs, including an online market if you are a seller, or finding a home in Waukesha County, Jefferson County, Dodge County, Washington County, Milwaukee County or any county in Wisconsin. Real Estate is an excellent investment!
When you are looking at buying a Jefferson County home , or DODGE County real estate agent, finding a Watertown real estate agent, finding a Jefferson, Johnson Creek, Fort Atkinson, Ixonia, Lake Mills, Hartford, Ashippun, Slinger, Beaver Dam,or any other of the great municipalities in Jefferson County or Dodge,Wisconsin.
Please feel free to call me for any of your real estate needs, including an online market if you are a seller, or finding a home in Waukesha County, JEFFERSON County, Washington County, Dodge County, Milwaukee County. Real Estate in Waukesha County is an excellent investment!
Tuesday, May 1, 2012
Ask any economist to analyze a financial move and they will tell you that there is always a good side and a bad side. They will use terms like “opportunity cost” or “time value of money.” In essence, their point is that there is no perfect financial transaction. People have to decide what is best for them in their current condition. The same can be said for a reverse mortgage. They are not all good and they are not all bad. Each loan needs to be considered in light of the borrower’s circumstances.
Pros of the Reverse Mortgage
There are quite a few advantages of a reverse mortgage:
- No strict credit score or income requirements
- Borrower is allowed to stay in their own home
- Debt does not have to be repaid as long as borrower is alive
- Limits on loan amounts reduce the chance that the mortgage will be more than home’s value
As mentioned earlier, there are some downsides to the reverse mortgage:
- The loan makes payments to the borrower, growing the outstanding mortgage balance. This can reduce inheritance for the heirs.
- Medicaid benefits could be altered if the borrower receives too much from the mortgage.
- Fees on the reverse mortgage are higher than a conventional loan, but in line with an FHA loan.
Visit our reverse mortgage page for additional program information.
Contact me below or apply online to see if you qualify for a reverse mortgage!
Please feel free to call me for any of your real estate needs, including an online market if you are a seller, or finding a home in Waukesha County, Jefferson County, Dodge County, Washington County, Milwaukee County or any county in Wisconsin. Real Estate is an excellent investment!
When you are looking at buying a Waukesha county home , real estate agent, finding a Waukesha real estate agent, finding a Delafield, Chenequa, Pewaukee, Oconomowoc, Hartland, Waukesha, Wales, Mukwonago, Wales,New Berlin, Brookfield, Dousman, Eagle or any other of the great municipalities in Waukesha County,Wisconsin.
If looking for LAKE COUNTRY LIVING on one of Waukesha County's great lakes: Nagawicka, Pewaukee, Pine, Beaver, Okauchee, Moose, North, Oconomowoc,I would be glad to help you in any relocation to Waukesha County, or help in buying a home in Waukesha County, or selling a home in Waukesha County. I strongly encourage any seller that is looking to market their property this year to get a sound feeling for what it is worth. Real estate in Waukesha County is now an excellent investment, prices of superb, selection is great, and the rates are outstanding.
When you are looking at buying a Jefferson County home , or DODGE County real estate agent, finding a Watertown real estate agent, finding a Jefferson, Johnson Creek, Fort Atkinson, Ixonia, Lake Mills, Hartford, Ashippun, Slinger, Beaver Dam,or any other of the great municipalities in Jefferson County or Dodge,Wisconsin.
Please feel free to call me for any of your real estate needs, including an online market if you are a seller, or finding a home in Waukesha County, JEFFERSON County, Washington County, Dodge County, Milwaukee County. Real Estate in Waukesha County is an excellent investment!
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