Buying Home After Short Sale With NON-QM Loans
In this blog, we will cover and discuss buying home after short sale. Government and conventional loans have a mandatory waiting period after bankruptcy, foreclosure, a deed in lieu of foreclosure, or short sale. Buying home after short Sale With NON-QM Mortgage Loans is now possible for home buyers who recently had a short sale.
Buying home after short Sale is possible with FHA loans after a three-year waiting period. Fannie Mae and Freddie Mac require a four-year waiting period to qualify for conventional loans after a short sale. There are no waiting period requirements when buying a home after short sale with non-QM loans. In this blog, we will discuss buying home after short sale with non-QM loans.
Waiting Period Requirements When Buying Home After Short Sale
Government and Conventional Loans have a mandatory waiting period when buying home after short sale. We will go over the waiting period requirements on the individual loan program.. Here are the mandatory waiting period requirements when buying home after short sale:
FHA Loans After Short Sale and Foreclosure
- FHA requires a 3-year waiting period requirement after a short sale, foreclosure, deed in lieu of foreclosure
- The 3-year waiting period start date starts when the short sale has been closed and recorded which is reflected in the closing statement
VA Loans After Short Sale and Foreclosure
- VA has a two-year waiting period requirement after a short sale, foreclosure, or deed in lieu of foreclosure
- The 2-year waiting period requirement start date starts when the short sale has been recorded which is reflected in the closing statement
USDA Loans After Short Sale and Foreclosure
- USDA requires a three-year waiting period after a short sale, foreclosure, or deed in lieu of foreclosure
- Again, the start date begins when the short sale has been closed and reflected in the closing documents
Fannie Mae And Freddie Mac After Short Sale and Foreclosure
- Both Fannie Mae and Freddie Mac require a four-year waiting period after a short sale and/or deed in lieu of foreclosure
- There is a seven-year waiting period after a standard foreclosure to qualify for conventional loans
NON-QM Mortgage Guidelines After Housing Event
NON-QM Loans are alternative financing mortgage programs. There are no waiting period requirements after a short sale, deed in lieu of foreclosure, and/or foreclosure. A 10% to 20% down payment is required.
NON-QM Mortgage Rates are higher than government and conventional mortgage rates. There are no maximum loan limits with non-QM mortgages. There is no private mortgage insurance required with non-QM loans. NON-QM Mortgage Rates depend on the following factors:
- Borrowers credit scores
- Loan To Value
- The longevity of the short sale, foreclosure, deed in lieu of foreclosure
- Discount Points
The higher the borrowers’ credit scores are, the lower the mortgage rates. The more down payment and/or loan to value, the lower the rate. The longer the housing event has been seasoned, the lower the mortgage rates. Borrowers can lower the mortgage rates on non-QM loans by buying down the rate with discount points.
Non-QM Mortgages One Day Out of Foreclosure and Bankruptcy
Borrowers can qualify for non-QM mortgages with the following.No waiting period after a short sale, foreclosure, deed in lieu of foreclosure, or bankruptcy. Late payments in the past 12 months. Self-employed borrowers can qualify for non-QM bank statement loans for self-employed borrowers with no income tax returns required. No maximum loan limits. No private mortgage insurance premium.
To qualify, please contact us at Non-QM Mortgage Brokers at 800-900-8569 or text us for faster response. Or email us at gcho@gustancho.com. The Team at Non-QM Mortgage Brokers is available 7 days a week, evenings, weekends, and holidays.
