My husband is getting ready to retire lost home in 2009 would like to purchase a home to restore or flip is there a loan we could qualify for?
Been in rental for couple years no bills but utilities and couple small cards and car . Lost all his family I 1 year with us covering cost got us in trouble we had credit ok but needs little help to get old stuff off. Can we get 203 or flip loan?
Was it a foreclosure or short sale? It is over 3 years on a short sale you should be OK. foreclosure will usually take 4 years and you will have to have good credit and payment history since the loss of the home.
Tina, my understanding is that Fannie Mae just reduced their mandatory waiting period after a major credit derogatory event from 4 years down to 2 years. The best thing to do is consult your favorite mortgage broker and simply ask their opinion. Good luck
For a standard home loan, the home would have to be in live-in condition so that it passes appraisal. However, I have many sellers that are willing to sell their home on contract and then you would not be restricted. Please contact me for more information!
The Homes.com Questions and Answers Community offers a great opportunity for Indiana real estate professionals to connect with the public. Consumers looking for an apartment for rent or homes for sale in Indiana can reach out for answers to their questions about financing and credit. By offering answers,Indiana mortgage lenders and other professionals can demonstrate value and build credibility. Registered users can even set alerts for local coverage areas in order to be contacted when questions are posted in areas of choice. Other tools of particular interest to consumers buying a house include the Homes.com Indiana home values tool, the mortgage rates section, and the mortgage calculator.