2012 MORTGAGE MYTH #2
You can’t buy a home for several years after a Foreclosure, Bankruptcy or Short Sale.
That is true for Conventional and HUD home loans, but there are alternatives. In fact, you can contact Karl Holt at kholt@awmlv.com for info. about his 2nd Chance Home Loan that can finance a home after only one year after Short Sale, Bankruptcy or Foreclosure. As with all loans, there are restrictions and a larger down payment between 15% and 25% is required.
Also, hard money loans are also available where credit isn’t a factor, at all and there is no waiting period after a Bankruptcy, Foreclosure or Short Sale. Ability to make the payments is the most important factor in Hard Money Loans (aka private investor loans). Down payments are typically 25-30 percent and it is extremely important to be sure you have a payment that is affordable and terms that will give you the time necessary to refinance into a traditional mortgage. Also, watch out for interest rates above 12 percent and up front fees in excess of 10 percent. Karl Holt has is a great source of information for these loans, as well. kholt@awmlv.com As with all mortgages, read the fine print.
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