Good News for Borrowers Who Have Gone Through a Short Sale or Foreclosure

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Good news for Borrowers who have gone through a short sale or foreclosure.

 

 

Non-Bank lenders increasingly are giving home loans to borrowers who recently went through a foreclosure, short sale or bankruptcy and sometimes approving applicants who went through foreclosure just months ago.

Predictions are that mortgage originations will reach at least $5 billion this year for borrowers who are recently recovered from major financial setback, up from $2 billion to $3 billions in 2014.

These mortgages often fall outside the Consumer Financial Protection Bureau’s  “qualified mortgage” definition and could expose lenders to future losses, but lenders contend that they verify applicants’ income and credit reports, and ensure that previous credit blemishes were tied to a job loss or other extenuating circumstance.

While some lenders approve borrowers with subprime FICO scores as low as 500, in many cases these borrowers had high credit scores before the negative event and still maintain good credit scores. These lenders generally charge interest rates ranging from 5 to 10 percent.

 

Donna Bishop  (239)  560-3149    or   email me :    donnabishoprealtor@gmail.com

Real Estate in Cape Coral/ Fort Myers is good for you!   So am I !

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About donnabishoprealtor@gmail.com

Awesome Service: I make dreams come true. I am a Real Estate Consultant. I place great value on the needs, expectations and goals of all my clients whether buying or selling. By helping they find their perfect solution. I will truly listen to you. I have 33+ years experience in all phases of real estate. I am a Loan Modification Specialist, a Short Sale Expert, and a Successful Negotiator. A certified Senior Real Estate Specialist. Former Owner/Broker of A & B Mortgage Brokers of Fl. Plus a former Appraiser. A Professional Realtor. This experience and knowledge gives me the confidence to advise you correctly. I want you to have an Awesome Experience so you will recommend me to all the people you care about. After all, a referral is sending someone you care about to someone you respect.

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