Hello Everyone,
I have a client that sold their home in a short sale 2 years ago due to a job transfer. They are under contract to purchase a new home with a builder. The builder's lender and Wells Fargo denied a FHA loan based on the fact that they had sold their previous home in a short sale 2 years ago. They did not pay the last 2 payments, because FHA would not approve the short sale unless they were delinquent. They were recently told that they have to wait 3 years. Do you have any ideas on alternative financing? Thanks!
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They did not experience a financial hardship as a result of unemployment or severe reduction in income, so they do not qualify. Thank you!
Maria, there is a company based out of California that will make loans to self-employed or folks who have had a one-time blemish like short sale, foreclosure, or bankruptcy as long as their credit is good now and has been for awhile. I was able to get financing for one of my self-employed clients. Of course, the rate will be higher but that's the price of doing business when a lender is willing to take this risk.
Contact Warner Traynam warner@privlo.com. Tell him Deb Orth in Richmond, VA, referred you to him.
Thank you Deb! I will contact him now and let him know that you sent me.
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