New Home Loan Waiting Period After A Short Sale or Foreclosure
Life after Your Phoenix home has been foreclosed
When distressed owners of homes in Chandler, Gilbert, Mesa and Queen Creek are unable to make their Phoenix house payment and lose their home through Deed-in-Lieu of Foreclosure, Pre-foreclosure, Short Sale, Foreclosure or Bankruptcy, they are barred from being able to finance the purchase of another home for a period of time. The chart below shows the current waiting periods to be able to get a conventional or FHA loan:
| FINANCE WAITING PERIOD: | CONVENTIONAL LOAN | FHA LOAN | |||||||
| Deed-in-Lieu of Foreclosure, | 2 Years – 20% down payment | 3 Years from completion | |||||||
| Pre-foreclosure or Short Sale | 4 Years – 10% down payment | ** | No waiting Period | ||||||
| Foreclosure Sale | 5 Years from completion | 3 Years from completion | |||||||
| ** | 3 Years from completion | ||||||||
| Bankruptcy – except Chapter 13 | 4 Years from discharge | 2 Years from discharge | |||||||
| ** | 2 Years from discharge | ||||||||
| Bankruptcy – Chapter 13 | 2 Years from discharge – 4 Years from dismissal | 1 Year of on-time payments | |||||||
| ** | 2 Years from discharge – 2 Years from dismissal | ||||||||
| NOTE: | |||||||||
| ** with Extenuating Circumstances | |||||||||
Your extenuating circumstances that resulted in you losing your Phoenix home may shorten the period before you qualify for a new home loan. You just have work your way through your financial issues in the meantime. You have suffered a setback, but you get back on track stronger than before.
In the meantime rebuild your credit by paying bills and rent on time, paying off debt, working with a lender to clean up your credit report, save for a down payment and keep up-to-date on great opportunities to buy homes for sale in Chandler, Gilbert, Mesa and Queen Creek AZ.
These waiting periods have been reviewed and revised several times and you need to be checking back for the latest rulings. As lending institutions get their balance sheets in order, they will be able to make more home loans than they can today.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.
Homes for Sale in Gilbert AZ eligible for 100% Financing
USDA no longer underwrites home loans in Gilbert and Chandler, AZ!
Looking to buy one of the homes for sale in Gilbert AZ as your primary residence, but don’t have money for a down payment? You may be eligible for a USDA home loan to buy a home in Gilbert with ZERO DOWN PAYMENT! This little-known government rural loan program provides 100% home purchase financing plus you may also finance a one-time 2% upfront mortgage insurance fee with no monthly MIP costs – that’s 102% financing folks!
Some additional details about USDA:
- 30 year fixed rate loan with up to 6% seller contribution or 100% gift to pay all your closing costs and pre-paids, except reserves (typically 2 months of homeowners insurance and property taxes).
- US citizens, Permanent Residents and Non-permanent Residents are eligible
- Primary residence only
- Minimum FICO score is 620
- 3 years from bank discharge to be eligible
- No mortgage insurance (one-time guarantee fee tacked onto and financed into the loan)
- Income limitations are 115% of the Area Median Income (AMI)
Surprisingly, USDA rural home loan program includes some homes in Gilbert AZ and Chandler AZ and all of areas of Queen Creek, San Tan Valley, Florence and Gold Canyon, AZ.
Some of the neighborhoods eligible for this loan program are Gilbert AZ homes in Seville, Marbella Vineyards, Felty Farms, Shamrock Estates, Adora Trails, Vista Dorado and many more quality subdivisions. At the time of this posting there were 59 Gilbert homes AZ that could be eligible.
Email me at samelam3@gmail.com to request a current list of homes within USDA service area and a list of lenders who can pre-qualify you for a USDA loan.
For more information go to Gilbert homes for sale AZ.
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Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Homes for sale in Chandler AZ eligible for 100% Financing
USDA no longer underwrites loans in Chandler and Gilbert, Arizona!
Looking to buy one of the homes for sale in Chandler AZ as your primary residence, but don’t have money for a down payment? You may be eligible for a USDA home loan to buy a home in Chandler with no money down! This little-known government loan program provides 100% home purchase financing plus you may also finance a one-time 2% upfront mortgage insurance fee with no monthly MIP costs – that’s 102% financing folks!
Some additional details about USDA:
- 30 year fixed rate loan with up to 6% seller contribution or 100% gift to pay all your closing costs and pre-paids, except reserves (typically 2 months of homeowners insurance and property taxes).
- US citizens, Permanent Residents and Non-permanent Residents are eligible
- Primary residence only
- Minimum FICO score is 620
- 3 years from bank discharge to be eligible
- No mortgage insurance (one-time guarantee fee tacked onto and financed into the loan)
- Income limitations are 115% of the Area Median Income (AMI)
Surprisingly, USDA rural home loan program includes some homes in Chandler AZ and Gilbert AZ and all of areas of Queen Creek, San Tan Valley, Florence and Gold Canyon, AZ.
Some of the neighborhoods eligible for this loan program are Chandler homes in Springfield Lakes, Sun Groves, Quail Springs, Old Stone Ranch and many more quality subdivisions. At the time of this posting there were 39 Chandler homes that could be eligible for Zero Down USDA financing.
Email me at samelam3@gmail.com to request a current list of homes within USDA service area and a list of lenders who can pre-qualify you for a USDA loan.
For more information go to Chandler homes for sale AZ.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.December Sales of Chandler, Gilbert and Mesa AZ Homes INCREASE
December 2010 closings of homes for sale in Chandler, Gilbert, Mesa and Queen Creek, AZ are up 25%
AZ MLS Sales Summary – December 2010 comparison to November 2010
Chandler AZ homes for sale – Sales of 347 homes rose 14% over November 2010 while the Average Sales Price dipped 2% to $203,434.
Gilbert AZ homes for sale – Sales of 448 homes rose 22% over November 2010 while the Average Sales Price dipped 1.9% to $193,980.
Mesa AZ homes for sale – Sales of 610 homes rose 26% over November 2010 while the Average Sales Price increased $374 to $145,867.
Queen Creek homes for sale – Sales of 143 homes rose 14.4% over November 2010 while the Average Sales Price dipped 3.7% to $153,156.
All ARMLS Single Family Detached homes – Sales of 7,077 homes rose 25% over November 2010 while the Average Sales Price increased 8.6% to $207,381.
Conclusion:
The southeastern section of the Phoenix Arizona Metro area including Chandler, Gilbert, Mesa, Queen Creek and Tempe, AZ remains in high demand due to the close proximity to High Tech businesses as Intel, Orbital, Free Scale, Micro Chip, Boeing and Northrop Grumman/TRW, ASU Research Center, Banner Health Network, First Solar; beautifully planned communities with parks, sports centers and shopping and many of the best performing public and charter schools in the Arizona.
As a result prices are up over last month but are down 3% from a year ago. There is still more housing inventory we need to sell off before our real estate market correction can be completed. But with these favorable numbers, 2011 may be the year of the correction.
Higher inflation is predicted and as a result mortgage rates will go higher. A one point increase in interest rates will cost you more in monthly payment than a 10% decrease in housing values can save you. We only saw a 3% decrease last year, so don’t anticipate a huge drop in prices and end up paying more for your house because the rates shot up. Be ahead of the game and buy at current mortgage rates.
For more details about homes for sale in Chandler, Gilbert, Mesa and Queen Creek AZ check out Phoenix homes for sale and Phoenix real estate investment.
For more information contact Sam Elam, Associate Broker at Prudential Arizona Properties, Gilbert, AZ (480) 213-1799
Phoenix Investors Stabilize Home Prices
Even in this depressed Phoenix real estate market, investors see the value of owning homes in Phoenix area including Chandler Arizona houses and Gilbert homes AZ for sale. As the number of bank-owned REO homes have increased, investors, recognizing the long term value of Phoenix homes, have stepped up to buy REOs in record numbers and help to stabilize Mesa home prices.
Rents are strong and returns from real estate far exceed what an investor is paid on their cash in a bank account. Fixed income investment have disappointed many investors, even though they have performed better than the equity market. Secure your future and invest in real estate today as you invest in the future of our Arizona communities, too.
Long term prospect for homes in Phoenix for sale are very good. Phoenix has been #1 or #2 in job growth for years before falling off the high growth list. But demand to move here and live in our warm climate remains strong and it’s only a matter of time before employment and high growth rates return again. When that happens tenants, who lost their homes through foreclosure, will be able to buy and patient investors will be able to sell their rentals for big profits. It’s a win-win for everybody. Want to know other reasons why Phoenix investment real estate is a smart buy? Contact Sam Elam today to discuss them.
Read more about Phoenix real estate investor successes.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Categories
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