For the times they are a-changin’…Bob Dylan

I have good news for you!!!keith

Since the beginning of the Great Recession in 2008, some of my clients have gone through short sales, foreclosures and even bankruptcies. If you
have experienced any of these difficult situations in the past few years, I have good news for you! The lending environment is changing significantly, so I wanted to share some new loan products with you.
foreclosureFirst of all, the traditional waiting period to get Conventional and FHA loans after these events is as follows:

Conventional – 7 years after a Foreclosure and 4 years after a BK

FHA – 3 years after a Foreclosure and 2 years after a BK

I now have several lenders that will offer you a loan 1 day out of foreclosure and 1 year after a BK! This is NOT a typo!!! Less than 2 years ago, the only other option for borrowers with these events in their past was a “hard money” loan at an interest rate of 8-12% and 4-8 discount points and these loans had a “due in 2 years” clause in almost all cases.

I also have good news for self-employed borrowers who write off expenses to lower their income and taxes, but can also have problems with conventional financing.

Before the crash in 2008 we had “stated income” loans. If the borrowers had good credit, some reserves and a large down payment, they could getshort-sale conventional financing. What a mess that got us all into! Now instead of providing tax returns for a loan, these lenders will accept 24 months of bank statements and average the deposits and use that for income! This enables borrowers who don’t show the necessary income on tax returns to qualify for a home loan when just 2 years ago they would not.

These loans have slightly higher rates and fees, but the end result is you can get back in the real estate market and be a home owner again. If you, or someone you know is in this situation, don’t hesitate to call me to discuss these new loan programs. As always, I am at your service.

Oh yeah, and who would have thought Bob Dylan would be awarded a Nobel Prize in Literature???

Keith

KEITH’S KORNER All is well with the Wenger family! Margie and I recently spent a week in Tempe, AZ visiting our daughters Jessica and Charla who are attending Arizona State University.

While in AZ we went to a brand new butterfly exhibit that was unbelievable and we visited Botanical Gardens that have every kind of Cactus and plant that grows in the area. We even made time to attend an Octoberfest celebration that gave me a mean hangover.

Brent is headed off to Chico state after the Christmas break to finish his last 2 years as a business major, Elise is engaged to be married in Oct 2017, Bethany is really busy with Sierra college, work and swimming for the Sierra College swim team and Stuart got 4 A’s and 2 B’s at Bear River. He is a sophomore and is playing on the Water Polo Team.

Stay tuned…