Funded: 2 Years After Short-Sale 20% Down 5.75% (5.875% APR)
Another area that we’re starting to see lenders expand their offerings is programs for borrowers who have had a short-sale within the past 4 years.
The interest rates on these loans however are usually in the high 6’s and even 7 percent range, which are much higher than typical market rates.
Home Pointe also has an exclusive relationship with a credit union offering loan options to borrowers who have had a short sale or foreclosure within one year, with 25% down and rates as low as 4.125% (4.203% APR).
How Else Can I Get Funded?
You can also purchase a home 3 years after short-sale or foreclosure using FHA financing. The waiting period to purchase a home using Conventional financing is 4 years from a short-sale, and 7 years from a foreclosure.
Programs are also available that allow you to purchase a home in as little as one day after a short-sale or foreclosure, but they require a minimum of 20% down, and interest rates are much higher compared to the other programs.
Call or email Chad Baker with any questions to purchase a home after a short-sale or foreclosure.