27.01.2015
Easy to understand information on the home foreclosure process including the prevention and purchasing of foreclosed homes. The Las Vegas home that actor Nicolas Cage owned and the bank foreclosed on last December, just sold for half the price Cage purchased it for back in 2006. The 14,300-sq ft home has a sweeping staircase, 16-car subterranean garage, an elevator, theater room, six bedrooms, seven and a half bathrooms and a panoramic view of the Las Vegas Strip.
To make a long story short, if your lender is kicking you and your 2013 Schedule C to the curb, drop us a line, or visit us on Facebook.  We’d love to help you qualify just as you are! FHA just released updated guidelines for it’s manually underwritten loans, effective 4-21-14. Buyer insisting on converting their existing residence into a 2nd home or investment, but can’t qualify with both mortgages?
Thankfully, you live in a time where cooking is just one button, and this once painful experience is now a walk in the park.
Post if you need help, or if there’s anything else we can do to help you have the most amazing year of your career.
The secret solution is that all public data, including foreclosures, is available through county records, via the internet, or a credible third party (such as CoreLogic or LexisNexis).  A good lender will prep themselves with quick access to these resources as it enables them to identify actual qualified buyers quickly, and provide realtors and their clients with straight lending answers and hassle-free closings.
Must be an all cash purchase – no mortgages appearing on title once your buyer takes the deed.
Must use documented cash (checking, etc) to close (if funds are borrowed, must use all proceeds for down payment). Other restrictions apply if your buyer uses gift funds, so be sure to let your underwriter know up front.
Many buyers are delayed from closing on their dream home until their current residence closes, even if they have the cash. Instead, your agent gets a call stating the buyer’s financing has been delayed for reasons number 771, 934, and 1042. Many innocent buyers find themselves in this predicament, turning a beautiful life event into a disaster. With these 2 items, your lender may now exclude your existing mortgage payment for qualifying, and close the new loan.
16 year real estate veteran Russ ODonnell is a Certified FHA - Conventional Underwriter with a passion for Loan Officers, Real Estate Agents, Homebuyers, and Hassle-Free, On-Time Closings.
If you manage this site and have a question about why the site is not available, please contact us directly. When purchasing a foreclosure, there are a few issues to consider before trying to make a purchase on a specific property. Remember: most of foreclosures are good deals, however some may be discounted and may still be overpriced. For the most part, though, foreclosures represent excellent opportunities to buy properties to live in, especially if you pay attention to the state of the home and the total cost.
Fortunately, the federal government has several avenues that you can take to obtain a loan from a private lender.
There is a myriad of government home loans available to you, both at the state and federal level. This mortgage loan, sponsored by the Department of Housing and Urban Development (HUD), helps families purchase a single home for residency.


The VA loan is offered to eligible veterans and spouses and allows these individuals to purchase a home up to a certain limit with 0% down and a small funding fee of 0 to 3.15% of the loan amount. A Section 502 loan is a direct loan for low-income individuals buy homes in rural areas in the U.S. For those individuals who are of American Indian or Alaska Native descent, HUD offers a Section 184 home mortgage loan for those residing on or off of tribally designated housing entities, tribes, villages, and other lands. One of the main incentives for obtaining a government home loan for your mortgage is the prospect of actually being able to buy a home, versus being declined by a private lender for a variety of reasons. Another incentive is the prospect of obtaining a home loan with a very low or non-existent down payment. Additionally, you can use government home loans to purchase a variety of homes that otherwise you would not be able to buy, including foreclosed properties. Finally, you can use government funds to rehabilitate a fixer upper home, or even to rebuild a home that has been destroyed by a natural disaster. Qualifying for a federal loan involves more paperwork than a conventional, private home loan, but the benefits are worth it. For additional requirements, you will need to talk to the appropriate loan official or representative for the specific loan you desire. One of the best ways to get a great start is to assemble your paperwork completely and thoroughly. She was a newspaper editor for more than 15 years (Albany NY Times Union, Seattle Post-Intelligencer) before moving into the dotcom world (Microsoft, Amazon, Expedia). Does a reverse search of the phone number trace back to a residential listing or cell phone? Despite having the liquidity, and a packed moving van, underwriters are required to count both mortgages against the borrower’s debt-to-income ratios unless the current residence is sold prior to close. Confirm with your lender that you have sufficient funds to close, PLUS 6 month’s PITI reserves on BOTH your existing and new mortgages (you may have to provide an additional 401K statement, or other asset (non-liquid is fine).
Provide your lender with the executed sales contract on your current residence showing all financing contingencies have been cleared.
A foreclosure is a house or other property that is being sold because the owner can no longer make the mortgage payments on the home loan.
These days, private lenders are very tight with their purse-strings and are reluctant to lend at rates even remotely approaching pre-2006 levels. State programs vary, so here we will discuss the federal options that you may qualify for when purchasing a new home.
You can apply through FHA-certified lenders, which involves almost all major lenders and most community lenders.
This means that qualified veterans could potentially buy a home without paying a down payment or closing costs.
Many people are ineligible without these home loan guarantees because they do not make enough money, or can’t put down a large down payment, or have poor credit or other negative circumstances. Typically, lenders like to see 10-20% of the loan amount paid down at the beginning, with 20% quickly becoming the norm as it once was. Did you know, for example, that the Section 203(k) program administered by HUD will give you money to not only buy a home, but to also rehabilitate it?
The federal government has made the process easier over the last few years as a way to give people an incentive to buy homes.


Even if they are offering the same type of government loan, they could still offer various incentives that differ. Those with scores below 500 do not qualify for FHA loans, and you really should have at least a 580 score.
With this guide, you hopefully will be one step closer to obtaining one and buying a home of your own. If you delay the closing on your new home you face penalties, not to mention the utility hookups and moving arrangments. The lender has determined that the loan is formally in default and is initiating legal remedies against the homeowner.
You do not want to invest in a home only to have difficulty financing it or making payments yourself. This can easily leave you in a bind as you try to find some way to purchase a home, be it a traditional home or a foreclosure.
It does, however, guarantee loans issued by private lenders, which basically helps to make it far easier for you to obtain a private loan if you qualify for the federal program.
First-time homebuyers can obtain an FHA loan with a down payment as low as 3.5% and receive up to 6% toward closing costs for the home loan. Applicants generally need to have no greater than 80% of the area median income (AMI) for the county in which they live. Since lending is tight, private lenders need some kind of reassurance that can only be provided by the government in most cases. Her favorite Zillow features include keyword search, knowing how much the White House is worth and the crazy celebrity real estate happenings as reported on Zillow Blog. You planned well for this purchase and you don’t really need the proceeds from the sale of your existing home to close.
These involve sending the homeowner a legal notice of an intent to take possession of the property and sell the home. These could cost thousands of dollars and generally will not be ready to live in without a significant investment of time and capital. These are risky because the home can be repossessed by the IRS, even after you make the purchase.
It further increases your chances if the lender manually underwrites its own loans, as opposed to having them automatically underwritten. Those who have at least a 620 score stand a much better chance of obtaining a government home loan than those with sub-par scores.
As such, those looking for a live-in home who are not willing to make that investment should make sure that only relatively-minor repairs need to be made. Also, a home may not be significantly discounted at auction, which means you could still be paying for an overpriced property even after foreclosure. Pay off past debts, consolidate debt, and take on a second job if needed to boost your income.



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