J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

Shadow Inventory causing CAIVRS Alerts. Do you have a buyer with an old foreclosure that is still causing them problems?

“Can I buy a home with a CAIVRS ALERT?”

CAIVRS stands for Credit Alert Verification Reporting System and it is a system maintained by the federal government that lists persons who have defaulted or had a loan foreclosed within the last three years on a debt owed to the Federal government or are currently delinquent on a debt owed to the Federal government. Examples of Federal debts include previous FHA or Veterans Administration home loans.

For a borrower that had a FHA mortgage foreclosed upon, that borrower is not eligible to apply for another FHA mortgage until three years after the date that HUD paid the insurance claim to the lender.

This is the key sentence.

Unfortunately, the clock on the 3 years waiting period does not start ticking until the Lender takes legal ownership of the property, files the claim with FHA and FHA pays the claim.

We have had several prospective buyers recently that had problems 3 to 6 years ago.  They left the home and turned the property back over to the lender.  But, the lender, didn’t actually transfer title into their name for months and in some cases years!

We successfully pleaded the cases for the prospective buyers and were able to get CAIVRS Alerts cleared.  We documented the transfer should have taken place over 3 years ago, and it was not the prospective buyer’s fault that the lender did not file the claim until months or years after they reasonably should have done.

 

“Can I buy a home with a Foreclosure, Short Sale or Deed in Lieu in less that 3 years with the FHA Back to Work Program?”

“Can I buy a home with a Bankruptcy less that 2 years with the FHA Back to Work Program?”

We also have closed several FHA “Back to Work” loans.  FHA allows exceptions to the 3 years waiting period for prospective borrowers who suffered a Economic Event that resulted in a severe reduction in income due to a job loss or other circumstances resulting in reduced Household Income. and the borrower has demonstrated full recovery from the event for a minimum of 12 months.

As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure.  Some borrowers were forced to file bankruptcy.  FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.

Here’s the Bottom Line:
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

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We close loans every day that Banks would not,
or could not approve.

Mortgage Expert
J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517
GoldLOGO
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

 

 

FHA Back to Work Program. We are one of the few Lenders who have actually have closed these loans!

FHA Back to Work Program

The Federal Housing Administration’s Back to Work – Extenuating Circumstances mortgage loan program shortens the waiting period to buy a home to as little as one year after you’ve had a bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale. You do need to know the rules and guidelines in order to qualify.

Do You Qualify?

FHA will consider you for eligibility if you had a financial hardship in the past but can now document the following circumstances about yourself:

  1. You meet FHA loan requirements
  2. You can document the mortgage or credit problems resulted from a financial hardship
  3. You have re-established a responsible credit history
  4. You have completed HUD-approved housing counseling

A lender will first have to determine if you meet the FHA loan requirements before you can apply for a FHA loan under the Back to Work program. You will need to explain how the financial hardship was something beyond your control that reduced your income or caused you to lose employment. If your household income dropped by 20% or more for at least six months, it may count for this type of financial hardship.

To re-establish credit you must have a 12 month record of on-time rental housing payments with no delinquencies, and not have been 30 days late on more than one non-housing loan payment. If you still have any open collection or judgment accounts, then a “capacity analysis” will be done to see if you can repay those creditors.

Here is the HUD Mortgagee Letter outlining the Rules:

http://portal.hud.gov/hudportal/documents/huddoc?id=13-26ml.pdf

Please complete this contact sheet and I will can to discuss your qualification for this program.


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If it looks like you are eligible, YOU MUST DO THIS 1st.

To start an application with a FHA-lender you must first take a “Pre-Purchase Counseling” course with a HUD approved housing counseling agency 30 days before you start the application. A certified counselor will assess your debt, ability to afford the mortgage, features of the mortgage, explain mortgage insurance and the loan application process. Springboard is a HUD-approved housing counseling agency, and can help you make sure you have done everything you need to do to access the “Back to Work–Extenuating Circumstances” program. You will need to complete your counseling at least 30 days before you apply for a new FHA mortgage. Your certificate is valid for 6 months.

 

Once the course is completed, we will begin your complete loan application and Pre-Approval.

Call Us, We Can Help!

J. Scott Harris

Vice President – NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

Apply Online – www.MortgageXperts.com

Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122