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?
(0) | asked by: Alicia Sponn-Cash | share | 1 month ago | Report
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answer by Steven Hackman    |   Visit My Website   |   Contact Me
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.
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answer by MARTIN DRAGNEV    |   Visit My Website   |   Contact Me
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
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answer by Tina Renee' Johnson    |   Visit My Website   |   Contact Me
As long as your credit is good you can get a renovation loan but you would have to live in the home.
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answer by Stacie Kidwell    |   Contact Me
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!
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