Can I buy a home after a short sale, or foreclosure?

     What are the rules regarding Foreclosures, Short Sales and Bankruptcy? -    For foreclosures and short sales the minimum time before you can buy a home again is 3 years.   There are a few exceptions one is, if you had a short sale, but remained current throughout, you can get a new home loan in less than 3 years.  There are also extenuating circumstances such as death of primary provider. 

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 For bankruptcy (BK) the time period on chapter 7 is 2 years for BK discharge.  If a mortgage is included it will be considered a foreclosure then it is 3 years.   Note. Something we are seeing more is, If you had a second on a property that had foreclosed and the second lien holder did not release you from the debt, it will need to be settled before you can purchase a home.

Morgan Hill Mortgage Lenders

For more info call me

Keith Woeste

Home Loan Consultant

American Financial Network

330 Tres Pinos Rd.,Ste F3

Hollister, CA 95023

"Making Clients Family for Life"



PH.831-801-8667

FX. 831-665-5260

NMLS#292588

To complete and secure online application go to http://www.hollistermortgage.com/

http://www.onlinemortgage-lenders.com/

http://www.repairmy-fico.com/

http://www.hollistermortgage.com/

http://www.mortgages4california.com/

What not to do when you are planning to buy a home!!!

So you want to bu a new home.  You have made the decision and you and your family really want to buy a new home.  We talk so much about what you should do, save money, watch your spending, get your credit in line, get pre-approved etc...

FREE online mortgage Quote

But what should you NOT do?

*Make any large purchases.  Do not by a new car, toys like atv's.  Anything that will hit your credit and increase your DTI

*Charge up your credit cards.  Do not go out and by new furniture, charge a trip.  Let things ly.

 San Jose Home Loans

*Make large deposits into your accounts.  Any large deposits will need to be sourced.  Meaning you will have to prove where they came from.

* Have anyone give you large cash deposits.

*Make Late payments

*Mix business and personal account funds

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*Pay off or allow any collections.  Pay the collections through escrow.

* Quit, Retire or Change jobs.

* Get divorced

These are just a few things that I have seen that effect loan files in the past.



 Keith Woeste

 

Home Loan Consultant

 

American Financial Network

 

330 Tres Pinos Rd.,Ste F3

 

Hollister, CA 95023

 

"Making Clients Family for Life"

 

 

 

PH.831-801-8667

 

FX. 831-665-5260

 

NMLS#292588

 

To complete and secure online application go to http://www.hollistermortgage.com

 

http://www.onlinemortgage-lenders.com/

 

http://www.repairmy-fico.com/

 

http://www.hollistermortgage.com/

 

http://www.mortgages4california.com/
 

20 Whats of Home Mortgage

Here is 15, 16 and 17 of the Whats of Home Mortgage


15. What is a Discount point? - It is an amount paid to the lender, bank or investor to lower your interest rate.

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16. What is an Origination point? – It is an amount paid to the person that is doing the loan for you, the “mortgage originator”.

California Home Loans



17. What is a point? - A point is 1% of you loan amount. So if your loan amount is $200,000, a point is $2000. A loan amount of $500,000 a point is $5000.


Gilroy Lenders

For more information call me any time..

Keith Woeste


Home Loan Consultant

American Financial Network

330 Tres Pinos Rd.,Ste F3

Hollister, CA 95023

"Making Clients Family for Life"



PH.831-801-8667

FX. 831-665-5260

NMLS#292588

Home mortgage information

Her is the number 12 and 13 of thee 20 whats of home mortgage.

12. What are impounds or escrows? - It is when the property taxes and home owners insurance are included in your payment. This is required by FHA, USDA and VA. For conventional loans you will have a slightly higher interest rate if you do not have impounds.

click here for FREE home mortgages evaluation


13. What is mortgage insurance? – It is an insurance that you will mortgage. It is an insurance policy for the lender. Should you default that policy will pay off the loan to the lender. It will not pay you payment! FHA, USDA and conventional loans under 80% loan to value (LTV) require mortgage insurance.

FREE credit evaluations here


Keith Woeste


Home Loan Consultant

American Financial Network

330 Tres Pinos Rd.,Ste F3

Hollister, CA 95023

"Making Clients Family for Life"



PH.831-801-8667

FX. 831-665-5260

NMLS#292588

To complete and secure online application go to http://www.hollistermortgage.com


http://www.repairmy-fico.com/

http://www.hollistermortgage.com/

http://www.mortgages4california.com

The 20 Whats of Home Loans and Mortgage #11, 12, 13

11. What is a mortgage payment made up of? - Many times you will hear PITI. So what is PITI? It stands for principle (which is the money paying off the loan), Interest (the rent you are paying for borrowing the money), Taxes (property taxes) and Insurance (homeowners insurance).

Click here for FREE Home Mortgage evaluation


12. What are impounds or escrows? - It is when the property taxes and home owners insurance are included in your payment. This is required by FHA, USDA and VA. For conventional loans you will have a slightly higher interest rate if you do not have impounds.

FREE Credit Reports

13. What is mortgage insurance? – It is an insurance that you will mortgage. It is an insurance policy for the lender. Should you default that policy will pay off the loan to the lender. It will not pay you payment! FHA, USDA and conventional loans under 80% loan to value (LTV) require mortgage insurance.

For FREE credit evaaluation and mortgage evaluation contact me.


Keith Woeste

Home Loan Consultant

American Financial Network

330 Tres Pinos Rd.,Ste F3

Hollister, CA 95023

"Making Clients Family for Life"



PH.831-801-8667

FX. 831-665-5260

NMLS#292588

To complete and secure online application go to http://www.hollistermortgage.com

The 20 Whats of Home Mortgage # 8 -10

These are numbers 8, 9 and 10 of the 20 what of home mortgage...

8. What is full loan approval? - This is loan approval based on an under writers evaluation of documents and the ultimate loan decision.

For More information on California Home Loans go to hollistermortgage


9. What personal documents are needed when I get a loan? - Here is a list of documents.

A. 2 months current bank statements (all pages, all accounts)

B. 1 months pay stubs with year to date income for all borrowers

C. Copy of your Social Security card and ID

D. Copy of and retirement statements (all pages)

E. Copy of last 2 years Federal Tax returns and W’2s

F. If Divorced we will need copy of divorce decree.

G. Many time letters of explanation with is needed.

For a Completely FREE Home loan Evaluation got to Mortgages4california


10. What is a loan lock? - It is when your loan interest rate is locked in. Interest rates are very dynamic. They can and will change multiple times in a day. So an interest rate quotes now may not be the same interest rate in an hour from now. So if your loan is not locked it is not your rate.

Stay tuned for more of the 20 whats of home mortgage.

Thanks
Keith Woeste
American Financial Network
831-801-8667
NMLS 292588
Mortgages4california
hollistermortgage
repairmy-fico

Whaat does it mean to get pre-approved for a Home Loan?

So what does it mean to get preapproved???

Before you begin looking for a home it is very important to get preapproved.  This will give you an idea of how much of a home you can afford.  And if you will qualify at all.

So what happens when you get pre-approved for a Mortgage. 

For a FREE Pre-approval contact Keith at hollistermortgage

1. We pull and evaluate your credit. (Offer credit help if work needs to be done.)
2. Evaluate you income.  Based on your pay stubs
3. Evaluate you work and work history.
4. Evaluate you assests.  If you have enough for a down payment or closing costs.
5. Evaluate you debt to income ratio (DTI)

All these things put together helps us pre-approve you.  It also give you a range of what you can and cannot afford.   For example if your DTI is too high you will have to look for a cheaper home.

For more information contact me at mortgages4california

Call me at 831-801-8667

Keith Woeste
ANF
NMLS 292588
hollistermortgage
mortgages4california
repairmy-fico

# 4 and 5 of the 20 Whats of Home Mortgage

4. What hurts my credit scores? - High balances on credit lines hurt your score. Any amount that exceeds 20% of your account limits will hurt you score. Late payments will hurt your score. Late payments will stay on you report for 7 years. Collections will hurt your scores. In fact, FHA and USDA require all collections be paid. On conventional loans it is decided by the underwriting system. Tax Liens will significantly hurt your scores. And obviously foreclosures, short sales and bankruptcies will affect your scores.

For More Home Loan Information and FREE Interest Rate Quote go to mortgages4california


5. What is the minimum down payment? For FHA the minimum down payment is 3.5%. For USDA you can get a “0” money down home loan. With a “VA” loan (for military vets and active military only) you can purchase with 100% financing. With a conventional loan you can buy with 5% down up to a loan amount of $417,000. Above $417,000 it is 10% down payment. ( Note: for conventional loan FICO score can affect your down payment amount and interest rates)

Calfornia Home Loan Interest Rate Quote hollistermortgage

Keith Woeste
AFN
831-801-8667
NMLS 292588

The 20 What of Mortgage #2 and #3

Here is Number 2 and 3 or the Whats of Home Mortgage

2. What is a home loan credit report and the FICO score? A home loan credit report is a report called a “Tri-Merge Credit Report.” It is a credit report that merges your credit report form all three Credit Bureaus. The three are Trans Union, Experian and Equifax. It will combine all into one. The FICO score is the number that each credit company establishes for you. They use credit lines (credit cards, car loans, home loans etc…), account balances, current and late payments, collections, foreclosures, short sales, and derogatory to calculate a FICO score.

Got to mortgages4california


3. What is the minimum credit scores need for a home loan? The minimum score is 640 for a FHA home loan. In some cases a score of 620 can obtain a FHA home loan. For a conventional loan the minimum score is 640, but you with the lower the credit score the higher the interest rate. With FHA the interest rate does not adjust with the FICO score.

To reach us for more go to hollistermortgage

Keith Woeste
AFN
831-801-8667
nmls 292588
hollistermortgage
repairmy-fico

The 20 Whats of Home Mortgage

Here are the 20 Whats of Home Mortgage.  #1

This report is designed for people looking to buy a home or interested in a home mortgage. I have been in the mortgage industry for many years. I love helping people reach the ultimate goal of buying a home. The best feeling is to get a “thank you” when some gets there dream home.


There are always many questions that relate to home mortgages. I am writing this report to answer those questions. Thus, I am calling this report the “What” to answer your questions. So here we go…

1. What is a mortgage? It is a loan secured with your home through the use of a note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which is the loan.

For more home loan information vists hollistermortgage or mortgages4california

Keith Woeste
Hoem Loan Consultant
831-801-8667
NMLS 292588
http://www.hollistermortgage.com/
http://www.mortgages4california.com/
repairmy-fico

Our New Website Come Visit --- TODAY!

Hello,

Wanted to tell you about our new website.  It is an awesome site.  Got to hollistermortgage for a FREE hoem loan evaluation.

We offer FREE credit reports and FREE home loan consultations.

American Financial Network offer outsatnding service where we treat you like part of the family.  We have VA, FHA, USDA, Conventional and Jumbo Financing.

We have 100 % financing with USDA and VA.

Low Down with FHA and up to 95% financing with Conventional Financing

Visit hollistermortgage for FREE Interest rates quote, No obligation and No SS# required.


Keith Woeste - American Financial Network
Home Loans Consultant

NMLS 292588

831-801-8667
hollistermortgage

mortgages4california.com

repairmy-fico