Sarasota Real Estate, Luxury Homes, REO & Lease Purchase

LeasePurchase NOTES


 Lease Purchase pre-qualifing...(updated 9/14) 2010

The following comes directly from our Title, Mortgage and Closing Services

in addition to  FHA website and affiliated partners.

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First, ask yourself ... do I qualify as the perfect candidate for a Lease Purchase (also known as Lease/Option,  Rent 2 Own)...  if so, click on "FREE LIST request" and let's find you the perfect home to call your own.

To help you determine if you will pre-qualify, here is a synopsis of underwriting guidelines for FHA which is more than likely the best and only case scenario when someone has a short sale, foreclosure or bankruptcy.  Conventional is a little tougher. I recommend that you call your lender (of choice) to verify or see Affiliated Partner's contact information at bottom of page. 

Short Sales

 Again, I recommend that you call your lender (of choice) to verify because Lenders have different underwriting guidelines.  I've heard  2 - 3 years unless borrower was current at the time of the short sale and for the prior 12 months. In that case, the borrower qualifies for a new mortgage from the start.  ***********

FORECLOSURE

FHA insured mortgages are generally not available to borrowers whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous three years. However, if the foreclosure of the borrower's main residence was the result of extenuating circumstances, an exception may be granted if they have since established good credit. This does not include the inability to sell a home when transferring from one area to another.

CHAPTER 13 BANKRUPTCY

FHA will consider appoving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee's written approval will also be needed in order to proceed with the loan. The borrower will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit, qualify financially and have good job stability.

CHAPTER 7 BANKRUPTCY

At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit, and have a stable job.
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  New Credit Report Notice to borrowers (9/10)

Credit Report Notice to borrowers.  This is a new Fannie Mae rule,
effective June 1st. Is it EXTREMEMLY important to stress to your buyers
that they not apply or open any new accounts during the process of the
mortgage.  Someone mentioned this morning that many times a credit
report is pulled when you open up a new savings or checking account with
a bank, so they have the opportunity to offer a credit card to the
depositor.  Therefore, in addition to not opening any credit accounts,
the borrowers should not open up any new savings or checking accounts
either.  If any new inquiry or account shows up on the credit report, an
entirely new credit report will be pulled WITH NEW SCORES. If no new
accounts are opened, then the updated credit report will NOT include new
scores.  A drop in a credit score by one or two points could cause a
loan commitment to be rescinded.  Please be sure to educate your buyers!
This rule does not apply for FHA loans. Let me know if you have any
questions. by, www.sunbeltlending.com/JoanmarieBazo-Sarasota
Joanmarie Bazo
Senior Loan Officer
941-365-0708
Fax: 856-917-2607 
 

If you have additional Mortgage and/or Credit questions, feel free to contact our Affiliated Partners
below.
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Joanmarie Bazo
Sunbeltlending
Senior Loan Officer
941-365-0708
Fax: 856-917-2607
jbazo@sunbeltlending.com
or
Kyle Cutchen
Mortgage Banker
Real Estate Mortgage Network
3021 Manatee Avenue West, Suite A
Bradenton, FL 34205

Office: 941-782-2080
Cell: 941-321-0135
Fax: 866-643-2916
kcutchen@remn.com

 

Terrie Wilson
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