Shorter Waiting Periods For Buyers With Bankruptcy, Foreclosure, and Short Sales in the Beach Haven West Real Estate Market
Beach Haven West Real Estate
Buying a house in the Beach Haven West real estate market offers some exciting investment opportunities. There are some excellent properties on the market. Options range from storm damaged homes that offer opportunity for new construction to renovated and raised move-in ready homes. Most buyers in the Beach Haven West real estate market will seek mortgage financing to complete a transaction, however in the wake of the financial crisis, lending a difficult for some buyers. Specifically, buyers who have had recent bankruptcy, foreclosure another home, or have had to short sell the property can run into particular difficulty. The good news is, the Department of Housing and Urban Development have created a shorter waiting period for trouble buyers in the Beach Haven West real estate market.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.beachhavenwestrealestate.com | www.BuyLBI.com
Click here to search all homes for sale in Beach Haven West
Shorter Waiting Period For Troubled Buyers in the Beach Haven West Real Estate Market
It is important to remember that every individual’s financial situation and lending criteria will be different so it is therefore important to speak with a qualified mortgage representative to understand your individual situation. That said, there have been some recent changes that can aid those who fell on hard times.
The waiting period after a bankruptcy, foreclosure, or short sale has been reduced to just one year from the event! Program rules are:
- Purchase Transactions Only
- Housing counseling must be completed 30 days prior to loan application.
- The bankruptcy, foreclosure or short sale MUST be related directly to the loss of job or 20% income reduction for at least 6 months.
- Credit must have been satisfactory before the bankruptcy, foreclosure or short sale and be satisfactory for a minimum of 12 months after the event.
Buying a Home in the Beach Haven West Real Estate Market
Buying a home is a major financial investment, and it is important to understand all the costs, rules, and options available when making a real estate transaction. While there is now a shorter waiting period for trouble buyers in the Beach Haven West real estate market, program rules and regulations can change in time. Therefore, it is important to speak with a qualified lender who understands the mortgage environment in Beach Haven West. For more information about mortgages and financing or the real estate market in Beach Haven West, contact us and we will respond right away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com