Dean Rizzi

Buying After a Short Sale
March 6, 2011 · · 3 Comments

Buying after a short sale, including a pre-foreclosure event, requires the following:

 Short sale due to financial mismanagement:

 1. Minimum of 4 years, and up to 7 years, must have elapsed since the completion of the short sale.

2. The borrower may purchase a primary residence, second home or investment property with the greater of 10% minimum down payment or the minimum down payment required for the transaction.

3. Borrower must have re-established an acceptable credit history.

4. Minimum 680 credit score required.

Short sale due to documented extenuating circumstances:

1. A minimum of 2 years must have elapsed since the completion of the short sale.

2. The borrower may purchase a primary residence, second home or investment

3. property with the greater of 10% minimum down payment or the minimum down payment required for the transaction.

www.deanrizzi.com

Shokoofeh Nowbakht

Short Sale, A Great Option!
January 23, 2010 · · 3 Comments

short saleI have talked to many home owners who are late on their mortgage payments, who are struggling to pay even their everyday expenses. Some have not paid their mortgage in over 6 months. Unfortunately, this is happening more often these days. My advice is, of course, try to modify your loan and save your home. Homeowners have to qualify for the modified loan plan. What if they can’t? What if they can’t even make the mortgage payments on the new lower interest rate? So, why not try to short sale the house? Lenders are becoming more understanding of the short sale situations. They are easier to deal with and get an approval on a short sale. Homeowners will have less effect on their credit score if they do a short sale rather than go through bankruptcy or foreclosure.  A realtor will be able to assist  homeowners with the short sale process.
Good Luck!

Shokoofeh Nowbakht, Realtor
Prudential California Realty
www.shokoo.com

PruCalVoices

Turn that movie in on time!
September 9, 2009 · · 5 Comments

Credit PathWhen working with Buyers I always get asked about how they can boost their credit scores especially when trying to qualify to purchase their first time home.  My 13 years experience in the finance industry spanning from retail banking, credit, to mortgage brokering has taught me to not to take your credit history for granted.  A lot of folks don’t understand that something miniscule as not paying your movie rental collection can come back to truly haunt you on your credit report; and thus prevent you from buying a home sooner than later. 

 For instance, just recently I had a new buyer pre-approved for a loan, and we discovered that he actually can not start looking for a home until early next Summer.  He had to correct a major derogatory item on his credit report beforehand.  I told him to please not feel defeated!      Read more

Mark Hasha

8 Tips to Save Your Sanity
June 3, 2009 · · 5 Comments

I received some great advice from one of the great lenders I work with and I wanted to share it with you. Timely loan approval is critical in today’s real estate market and I wanted to share his tips with you.

frustrated-home-buyer8 Tips to Save Your Sanity

A buyer’s guide to the loan approval process.

 

Guidelines and requirements for loan approvals have recently become more rigorous and each transaction is processed with much more scrutiny. Keeping just a few things in mind could save your sanity, stress level and funding schedule.

1. Be expedient and thorough. When initiating a loan, and throughout the loan process, it is imperative to provide complete documentation to your Mortgage Advisor as quickly as possible. For instance, if all pages of the bank statement are requested, it really means all pages. While you and I might not think it’s necessary to include the reconciliation page of the statement, the lenders do. And, when they receive only five of the six pages of said bank statement, the loan process can become inefficient and stalled. Read more