Marketplace Home Mortgage: Brian Quigley

With the recent improvements in the economy and almost all economic reports coming back positive, it looks as though we have weathered the storm, and are on the upswing. We have been through a major housing crisis, a recession, and record high unemployment rates in the last 5-6 years. During this time, many people filed for bankruptcy in an effort to restart their lives again. Many others had to let their homes go, either because of predatory lenders who sold them high spiking adjustable rate mortgages after 2-3 years, or because they were so upside down on their mortgage due to neighboring short sales and foreclosures.

Thousands upon thousands of these individuals went back to a very basic way of living. They went back to renting, and for a good reason.  We all know the advantages of home ownership. If you don’t know them, you should read my blog on buying here. The waiting period for buying a home after a devasting event like a foreclosure, bankruptcy, or short sale will surprise you, and many people, maybe even you, can get mortgage financing now, with as little as 3.5% down.

For Bankruptcy – FHA

FHA CH 7 – You will need to wait 2 years from the discharge date, and then you will be able to purchase a home with as little as 3.5% down. If you qualify for the FHA back to work program, where you experienced an “economic event”, which resulted in a 20% loss in income for over 6 months, and resulted in your filing bankruptcy, or having a short sale, deed in lieu of foreclosure, or foreclosure, then you can purchase a home 12 months after any of those events. Updated August 2013.

FHA  CH 13 – You will need to have made at least 12 on time payments to your creditors, and the court will need to approve you getting  a home. This is rather easy, and you can apply after this 12 month period has been met.

For Short Sale – FHA

Short Sale seasoning to get a new FHA loan can be as little as 1 day after your short sale, if it is executed in a manner, where you had no 30 day mortgage lates to have the short sale completed. This is tricky if you have an FHA mortgage, where HUD might require you to go 30 days lates, and this has been done much easier the conventional route. With all of the recent loosening of guidelines, HUD might not now reuqire you to go 30 days late.

If you did go late, the period will be as little as 1 year, or at most 3 years, if you cannot fulfull the FHA back to work program guidelines.

For Foreclosure -FHA

If you fulfill the FHA “back to work” program, you might be able to buy after a 12 month waiting period, or at most 3 year waiting period.

 

Check Out Our Reviews on Zillow!CLICK HERE
Start Your Mortgage ApplicationAPPLY ONLINE

Join our Newsletter to receive latest home buying insights.

See what our past clients are saying about us.

Get the information you need here.

Don't Take Our Word For It, Our Satisfied Clients Say It All

Check out the testimonials from our happy customers below

Testimonials

He was very professional and knowledgeable

we have closed several loans with Brian. He was very professional and knowledgeable on each. One of our loans had a few problems arise and he was very creative in finding solutions so that w…Read More

Closed purchase loan. Littleton, CO

Thanks for all of your hard work and patience

Brian, Thanks for all of your hard work and patience with me throughout the entire home buying process. You exhibited extreme understanding with my specific situation and helped me improve m…Read More

Jen, Security-Widefield, CO

Thanks a million, Brian!

A true pleasure to work with. Very friendly, polite and knowledgeable. I will do business with him in the future and will gladly refer people his way; Thank a million, Brian!…Read More

Closed purchase loan. Parker, CO
uxicached