Spring is here and with it Opening Day and the beginning of the baseball season.

This is one of my favorite times of year with the days getting longer and the weather warmer.  As an avid Giants fan and the father of a Little Leaguer I’m looking forward to sun-filled days at the ball park.

Spring is also the time of new beginnings.  Accompanying the new year were some changes in my business life.  After 14 ‘seasons’ in the same location I relocated to our affiliate Guarantee Mortgage branch in Saratoga at the end of 2012.

Guarantee Mortgage provides access to a wide variety of mortgage products and sources.  As a Broker, I continue to have access to a wide range of banks and lending institutions.  This enables me the ability to continue to provide you the highest level of service and competitive pricing for a wide variety of individual situations.

As always, I welcome your call.  May it be to discuss your best strategies in home loans or just to talk baseball.

ANNOUNCEMENT

RE: STERN MORTGAGE COMPANY

A new year brings a new beginning…  After 30 years in business, Stern Mortgage Company is closing its doors.    The  increased regulation in the mortgage industry made it exceedingly difficult for a smaller “mom and pop” mortgage shop to survive.

Although Stern Mortgage is closing, I still have a passion for doing loans.   After much deliberation about options I’ve found a place that will enable me to continue to provide the highest level of service and competitive pricing.

For the past several years Stern Mortgage has been affiliated with Guarantee Mortgage Corp., as our parent company.  This partnership facilitated access to a broad range of mortgage products and sources.  I’ve decided to relocate to the Saratoga Branch of Guarantee Mortgage,  which will enable me to continue to focus on providing expert advice and assistance in navigating the loan process.

I appreciate the support from clients and business partners over the years at Stern Mortgage.  Since 1999 this has been my home in the mortgage business.  Know that you can continue to turn to me for all your real estate finance needs.  My new contact information is:

P.S.  Rates are still at all-time lows.  I’d love to  hear from you, so give me a call!

“When am I eligible to buy again after a short sale, foreclosure or bankruptcy?”

This is an all too common question.  Many folks wonder when they might be able to re-enter the real estate market.

The answer depends upon the type of loan and who’s guidelines must be met.   The guidelines are frequently updated and have become more stringent in the past three years.  The following are believed to be accurate as of 5/1/2012, but should be verified.

FHA Waiting Guidelines

Bankruptcy – You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.

You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy.

Foreclosure - You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date.

Short Sale / Notice of Default – You may apply for a FHA insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same as a Foreclosure for now.

Credit must be re-established with a 640 minimum credit score

Conventional Waiting Guidelines (Fannie Mae)

Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your bankruptcy has been discharged for FOUR (4) years.

Foreclosure - You may apply for a Conventional, Fannie Mae loan SEVEN (7) years after the sale date of your foreclosure.  Additional qualifying requirements may apply,

Short Sale / Deed in Lieu of Foreclosure -

TWO (2) Years up to Maximum 80% Loan to Value | 20% Down Payment

FOUR (4) Years up to Maximum 90% Loan to Value | 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

SEVEN (7) Years above 90% Loan to Value | with less than 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

Credit must be re-established with a minimum 660 credit score.

Fannie Mae has reduced waiting periods in cases of extenuating circumstances –

Preparing to Buy Again after BK, Short Sale or Foreclosure

Quite often there are things left over on your credit report that can delay your ability to qualify.  Checking your current credit report is a good place to start.  Dealing with any errors is easier to do before you’ve found a home you want to buy.

Families express thanks by helping others in need

Three generations of the Flesner family were giving thanks for what they had, united by a cause, before sitting down for a meal together Thanksgiving day.

Milpitas Post 11/23/11

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