Mortgage Solutions For You!

Published by pacbay on Wed, 08/06/2014 - 09:55 in
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Less Than 7 Years After a Foreclosure

 
 
 
 
FORECLOSURE? NO PROBLEM!
SECOND FHA LOAN
AMOUNT: $656,000
LOAN TO VALUE: 80%
INTEREST RATE: 4.75%
APR: 4.75%
CLOSING COST: ZERO!
 
 
Clients found a home with four bedrooms in the area close to good schools. They wanted to make an offer, but we were facing a number of obstacles.
  1. They had a foreclosure less than 7 years ago.
  2. They bought their current home less than 2 years ago and were planning to keep it until October, to avoid paying any taxes.
  3. Their current home, which has three bedrooms, was financed with an FHA loan.
  4. General Rule: Borrowers need to pay off their FHA loan BEFORE getting a new one.
  5. The client started a new job.
  6. The wife is 6 months pregnant.
  7. Most of the down payment is a gift from parents.
  8. They needed to be able to qualify for two mortgages with two mortgage insurances.
  9. The real estate agent is acting as both buyers’ and sellers’ agent.
  10. There are two other offers and the real estate agent never worked with our company and recommended her clients use her mortgage lender.
  11. The credit report did not show the foreclosure, but the lender found out about it from other sources.
  12. After we found a lender who could do this complex transaction, the clients applied for a loan with another lender who “promised a better deal”.
  13. They did the same thing to us two years ago.
  14. When they found out that their lender could not deliver, they came back to us.
  15. The real estate agent needed to secure an extension for the contract.
  16. We told the real estate agent that we had never lost a sales transaction over our entire 30-year long career. We knew we would pull this one through as well.


Whom Do You Know That Might Benefit From Our Tailored Mortgage Solutions?



 
Spotlight

Date: Thursday: August 7, 2014  
Address: 33 Arroyo Drive, South San Francisco, CA 94080  Time: 6:30pm to 8:30pm 
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Equal Housing Opportunity Lender

355 Gellert Blvd, Suite #230, Daly City, CA 94015
Main: 415.242.0730 / Fax: 650.550.4961

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