Home Loans California & Arizona

2nd Time Homebuyers Re-Entering Back to Homeowership!

March 9th, 2013 8:43 AM by Nathan Rufty

If you are a 2nd time homebuyer looking to purchase a primary residence after you lost a home in the past due to a short sale or foreclosure, you are luck, it is time for you to reenter back in the homeownership market.

This time around you are more educated about the home buying process and this time around you will go on a fix 30 year mortgage with no balloon or adjustable term. If your credit made it through the short sale of foreclosure and you meet all the required current underwriting guidelines then it it time to explore owning a home in California.

   Here is a quick snap shoot on what you should have today:

  • Verifiable income, tax returns, W2/1099 and current paystubs
  • Assets, checking, savings, money market, etc for down payment and closing costs, if none then we can discuss some down payment assistance home loan programs
  • Credit, most have at least 2 credit scores appear on your credit report
    • You can repurchase utilizing these programs if you short sold a home
      • 2 years for Conventional - need to have 20% down
      • 2 years for VA - 100% financing
      • 3 years for FHA - 3.5% down payment
    • You can repurchase utilizing these programs if you had a home foreclosed on
      • 5 to 7 years on Conventional, depending on what the circumstances were
      • 2 years for VA - 100% financing
      • 3 years for FHA - 3.5% down payment
  • You most meet all other required underwriting guide lines to purchase a home and that is where I come in to review your overall loan request and discuss what we can extend to you and your family

This time around the home prices are lower, tough on the on the rise and interests rates are lower as while, tough on the rise also. This time around, you will purchase at a lower price point and have a much more afford home payment that is going to be on a fix interest rate for either a 15 or 30 year term without a prepay penalty, adjustable or a balloon payment here in California.

You know the pride of homeownership and what it means to you, so stop renting and CALL today 909-503-5600 to explore the 2nd best opportunities that await you here in the California housing market.

Apply now and receive a credit at closing for your appraisal cost up to $500!

Posted in:General
Posted by Nathan Rufty on March 9th, 2013 8:43 AM

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