I Had a Short Sale or Foreclosure – How Long Before I Can Buy Again?

by | Sep 16, 2014 | Buyers, Real Estate News

If you’ve been through a short sale or foreclosure and are looking to get into another home, it’s the type of loan you get that determines how long you have to wait. Educate yourself and check out our quick breakdown of the wait periods after both short sales and foreclosures based on the type of loan you secure. Are you eligible for the reduced wait period? Defining extenuating circumstances For the Fannie Mae and Freddie Mac loans there are reduced wait periods available under extenuating circumstances for foreclosures and short sales. What are these extenuating circumstances? Well there are a few but they’re more restrictive than you’d think. If you had a loss of job or a loss in the family you might be eligible. However things like divorce and general financial hardship do not apply. To be eligible for the reduced wait period you must also have AUS (automated underwriting services) approval and a max LTV of 90%. Each loan has a specific LTV which specifies the percent of the home value a lender will lend to you as a borrower. For example with a 90% LTV loan on a home priced at $600,000, you could borrow up to $540,000 which is a requirement of at least 10% down payment. Calculating your specific wait period: Fannie Mae Foreclosure: Calculated from the date the title was transferred out your name (the borrower) to the date the credit report is pulled on the new transaction. Short Sale: Calculated from the date of competition of the short sale to the date credit report was pulled on new transaction. Freddie Mac Foreclosure: Calculated from the...
6 Signs Your Home Is In Need of Some TLC

6 Signs Your Home Is In Need of Some TLC

by | Sep 11, 2014 | Homeowners

If you’re like a lot of people, you procrastinate when it comes to home maintenance and remodels. It can throw your daily routine into chaos, it’s noisy, and it’s expensive. You might be tempted to put off home renovations as long as possible — maybe forever. However, there are times when putting off renovations can make your life more difficult and even cause you to lose money in the long run. Wondering now if you might be in need of a remodel to save yourself the heartache and even bigger bill down the road?Well if you notice any of the following in your home, then it is time to call up your favorite handyman or contractor and give your home some much needed TLC. 1. Water Damage A leaky roof, a flood-prone basement, or frequent plumbing problems should never be ignored. Not only will they cause expensive damage to your home, but they may also be signs of deeper structural problems. Any sign of a moisture problem means there are elements of your home that need to updated, ASAP. 2. Inefficient Appliances In recent years, new appliances of all kinds have become much more energy efficient than older models. Check the energy ratings of your fridge, water heater and other appliances and compare them with brand new models. If more than one appliance is notably inefficient, you are probably losing money. By switching to ENERGY STAR appliances you can save nearly 20% on your utility bills each month. They also make less noise, save water and have a longer life than standard appliances. If you were planning on renovating your...