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#421537 - 03/12/13 08:37 PM Financing After Foreclosure
TonyGarciaLoans Offline

Registered: 01/29/13
Posts: 19
Loc: US
Part of me feels that we've been in this Recession forever, and another part of me feels like it just started. This "other part" was realized when it dawned on me the "Great Recession" began in December 2007.* 5 1/2 years!? Say it ain't so....

While the fact that we have been dealing with inflation of goods and services, but deflation of home values (compounded with high unemployment) may make this economy feel hopeless, there is a silver lining for Realtors (and lenders for that matter). And this is a real silver lining - not one that's been fabricated to create a false sense of optimism.

This silver lining is that buyers who lost their homes at the beginning of a recession are back - and they are hungry! This buyer pool is different from your first-time buyers and your move-uppers because these buyers know what they are missing. To some degree, we've all experienced this. We've all had to scale back on vacations, trips to the movies, dinner dates, etc. But for folks who went from owning to renting - against their will - well it doesn't require a degree in psychology to understand how anxious they must be to own again.

So, let's look at some numbers. (Don't worry, I'll be quick.) The peak of home repossessions occurred between 2009 and 2011, averaging about 1.07 million per year.** Those who lost homes in 2011 aren't in the clear yet, but for borrowers who's home were foreclosed on prior to March 2010 (which is a grand total of 3.2 million if we go all the way back to 2007) - they may be able to purchase again through FHA.

At this point, you should all have heard of FHA financing. On these loans, EverBank
-allows credit scores as low as 620,
-allows as little as 3.5 percent down,
-is more lenient on credit history and debt-to-income ratios,
-allows all of the closing costs and down payment amounts to be gifted,
-allows non-occupant co-borrowers, and more.

So, hopefully this perks up your mood a bit and helps you structure your marketing strategy. If you've been primarily targeting first-time buyers or affluent buyers, you may want to create some room in the advertising budget for "boomerang buyers".

As always, I wish your business the best and I hope you'll think of me for your next purchase transaction. I'm committed to client satisfaction, and it drives me to work diligently on every loan - but my dedication is only part of the story. With over 12 years of mortgage experience and a thorough knowledge of the industry, I can customize the perfect loan for clients, while getting them to closing on time. So whether you're referring a client or are a homebuyer yourself, I'm confident you'll appreciate what EverBank and I can do for you. We offer a wide range of loans and a variety of terms. And we're well prepared to handle everything from complex financial situations to larger loan sizes. I'll always be available to answer questions throughout the mortgage process from beginning to end - so let's start today.
C 571.246.4373
O 703.261.8894
F 866.477.7727

* Source: National Bureau of Economic Research
** Source: RealtyTrac, Federal Reserve, Equifax

#421697 - 03/16/13 08:01 AM Re: Financing After Foreclosure [Re: TonyGarciaLoans]
Musa Opondo Offline

Registered: 09/24/12
Posts: 210
Loc: USA
Thanks for the information.Wish you well too in your business.

#421813 - 03/18/13 11:49 PM Re: Financing After Foreclosure [Re: TonyGarciaLoans]
Scintillion Offline

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
Can be hard to obtain financing after a foreclosure - hopefully the state of the market in the USA continues to improve in 2013 and beyond.

#422443 - 04/09/13 09:01 AM Re: Financing After Foreclosure [Re: TonyGarciaLoans]
eLoanRates Offline

Registered: 03/27/13
Posts: 34
Loc: California
Any tips on how to improve credit to get a loan? How many points does a credit score drop after a foreclosure?


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