CS Financial has access to lenders with loans for borrowers with a
short sale or foreclosure in the recent past. Conventional financing for
pre-foreclosure events (Notice of Default and Notice of Trustee Sales)
requires a 4 year waiting period (unless there are extenuating
circumstances that can be proved) before being able to get a
conventional loan. For Foreclosure events (short sale and foreclosure)
the conventional wait time may be as long as 7 years.
There are
now some lenders in the marketplace offering non-conventional financing
which does not require a time wait after a short sale, foreclosure or
bankruptcy event. Buyers can actually get a loan one day after such
event. There are definitely qualifications that need to be met and they
are more stringent than conventional financing. Down payment, Debt to
Income Ratios and Terms are different than traditional conventional
financing. The cost of the loan is higher, although, for may borrowers,
this additional cost is worth it to buy a new home. For more details on
what loan programs are currently available for buying a home or
refinancing a home after a short sale, foreclosure or BK, call me to
review 415-269-6249.
