No more renting after your Wildomar short sale!
After the housing crisis, many California households were left with the aftermath of a short sale, and many believed that they had no choice but to start over as renters since home ownership would hinge on their eligibility for home loans after short sale. The new Flexible Credit Home Loan Program offered by several lenders allows home owners to recover from a short sale in just one day, whereas traditional financing in the wake of a short sale can be take much longer.
The Flexible Credit Program offers financing after short sale just one day after the transaction. In comparison, the Federal Housing Authority requires a waiting period of one year from the completion date of a short sale if the borrower was current with all installment payments for a 12 month period. In addition the borrower is required to have valid extenuating circumstances. Otherwise, the FHA has imposed a waiting period of three years for home owners who were in default at the time of their short sale.
Another key advantage of the Flexible Credit Program is that it requires a minimum FICO credit score of 600. These lenders understand that many Wildomar families simply need a second chance at home ownership while they work toward improving their credit. That’s why the Flexible Credit Program makes it easy for most families to take advantage of recovering from a short sale without having to worry about their credit score.
Although the short sale process can cause home owners to rethink owning Wildomar real estate, the vast majority of former home owners are eager to take advantage of record-low prices on prime California real estate. Owning a home again after a short sale also offers home owners a second chance to rebuild their equity.
Today, mortgage rates are lower than ever, which is another reason why home owners may want to look into financing rather than resigning themselves to the rental market. The mortgages rates are meant to encourage activity in the housing market, and many investors and traditional buyers alike are jumping at the chance to own a piece of California real estate without the burden of a high interest rate.
Home owners might also want to consider taking advantage of the Flexible Credit Program because it now costs less to buy a home than rent due to low prices that are now gaining momentum. In some cases, home owners also may find that they can reduce their payments and loan balances by taking advantage of financing after a short sale. By saving money on their mortgage payments, home owners will be able to expedite the process of improving their credit scores, which is one of the most important steps toward recovery from a short sale or foreclosure.
We’d love to help you with your short sale and your future dream home after a short sale. Please contact me if you’d like to learn more about how the Flexible Credit Program can help you achieve your goal of owning Wildomar real estate.