Home buyers with negative credit events like a bankruptcy, short sale or foreclosure often have misconceptions about their ability to borrow again and the options that may be available to them.
Although these events do require a mandatory wait time (referred to as seasoning), there's a good chance the wait is shorter than you think.
Wait times to buy:
Chapter 7/11 Bankruptcy
Chapter 13 Bankruptcy
Short Sale / Deed in Lieu
In some cases, extenuating circumstances can be considered to reduce the required seasoning time. To be eligible, the borrower must have re-established credit for 2 years and will be required to provide documentation that the incident was not due to financial mismanagement.
Some examples of extenuating circumstances include the death of a primary wage earner, long-term illness or disability not covered by insurance and prolonged loss of employment for reasons beyond the borrower’s control (such as closing mergers).
The Boles Group at Bay Equity Home Loans in Gilbert helps buyers overcome derogatory credit events by reviewing the individual circumstances and creating a comprehensive short or long term home ownership plan.
Bay Equity Home Loans – Boles Group is a team of lending professionals located in Gilbert, Arizona and licensed to originate home loans for purchase or refinance in nine states (AZ, CA, CO, ID, MN, NM, NV, OR, WA). Boles Group lending professionals have the knowledge and experience to create solutions where other lenders create problems. The team prides itself on responsive, accurate communication and is highly regarded by clients and business associates alike.