HARP...Y MONDAY!

Are you one of the 9 million people out there looking for help with your mortgage?

NOW Accepting applications for HARP 2.0!

* NO maximum LTV (loan to value ratio) for fixed rate mortgages

   (105% max LTV for adjustable rate mortgages
* No credit score requirements
* Must have closed prior to 6/1/09.

* All occupancies allowed (Owner occupied, 2nd homes, investment properties)

* Properties currently listed for sale ~ no seasoning requirements, listing must be cancelled and documented as being cancelled.

*  Properties with mortgage insurance ~ we will need to check with current MI servicer's requirements.  Additional requirements may apply. 

Lower term from 30 to 15 year (>105% ltv not available until 6/1/12).

Mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. (visit www.freddiemac.com/mymortgage or www.fanniemae.com/loanlookup/) If you do not see yours on there, let me know.  They are very specific on how the information must be input and I would hate to see you not think you qualify when you actually do!

Please note, there may be some variations on what is allowed via Freddie and Fannie. 

For scenarios in WA state contact me at 253-228-1200 or juliesw@legacyg.com. 

MLO-185767

This does not constitute a commitment to lend. All loans subject to full underwriting approval and satisfactory appraisal. Program subject to change without notice. Individual(s) listed are employees of Legacy Group Lending, Inc., NMLS ID #4455. For state specific licensing information visit www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/4455. Affiliated companies: Legacy Group Capital, LLC NMLS #99045, Legacy Group Escrow, LLC License # 540-EA-40580.The Legacy Group is not affiliated with the US Government.2012-03-19 10:02:11 

Home Ownership After A Bankruptcy, Foreclosure or Short Sale?

There is life and the potential for home ownership after a bankruptcy, foreclosure and short sale.   You will need to get started on rebuilding your credit right away as your credit score is a huge contributing factor to receiving a home loan and how much you will pay for that home loan.  It is, however, very important to do this wisely.  Make sure that you have built yourself a savings for any emergencies that may come up whether home, health, kids, etc..  You want to make sure you do not have to dip into your credit cards to see you through challenging times unless absolutely necessary.

In order to do this, you will need to start applying for new credit.  Sounds scary I know after just going through the bankruptcy but it will be necessary if your goal is to become a homeowner.  Here are some options that may be available to you.  You have probably noticed all of the offers coming your way for credit cards, auto loans, personal loans, etc., do your homework.  If it sounds too good to be true it probably is!

The easiest way to start re-establishing your credit is with a secured credit card.  You give the bank some money to hold and the bank willg ive you a credit limit equaling that amount.  You can get these from local banks, credit unions, and by searching online.  Orchard Bank, First Premier and Capital One are just some of the online companies to choose from and chances are you have already received several offers from them.  Be very careful of outrageous fees and shop around a little before you start applying.

Unsecured credit cards are another option.  These will not require you to give money to the lender to open up the card, however, still may have high upfront fees so shop around first.

With both of these options you will want to request a credit increase after about 12 months and make sure to keep your balance as low as possible on these by either paying off monthly or higher than the minimum payment due.  It is very important to go with companies that will report your history to all three credit bureaus.  Don't forget to make your payments on time!  The lender will look very closely at any late payments after a bk and that could completely ruin your chances of being a homeowner with even 1 late payment reported on your credit report!

Personal loans and auto loans are another way to start rebuilding your credit.

There are time frames that you will need to be aware of as well and they are as follows:

Fore more information on any of this information please feel free to contact me.  Complimentary pre-approvals are always available!