Skip to main content
#
ColumbiaForeclosureRelief.com
What is a Short Sale
Columbia Foreclosure and Short Sale Information
Available Short Sale in Heatherstone Irmo
Irmo, SC Short Sales
Successful Short Sale Gallery
Available Short Sales Gallery
Columbia
How To Stop The Foreclosure Process
Effects Of Foreclosure
Short Sale Testimonials
SCHelp
Avoid Foreclosure
What Is A Short Sale?
Short Sale vs. Foreclosure
Qualifying Process for a Short Sale
Access This Free E-book
Benefits of a Short Sale
Things You Should Know Before Proceeding With A Short Sale
Learn About Short Sales
Frequently Asked Questions
Glossary Of Terms
FAQ
What The First Step In The Short Sale Process
Qualifying for a Short Sale and Avoiding Foreclosure
Home Evaluation
Testimonials
Getting Started
What Is A SFR - Short Sales and Foreclosure Resource?
Important Website Information
Columbia Short Sale Information
Rozalyn Franklin
Rozalyn Franklin - (803) 318-6412
Our Blog 
Wednesday, September 10 2014
Ready to Jump Back In

Rebounding Columbia Homeowners Get Ready To Jump Back Into Home Ownership

Many Columbia homeowner who have been faced with difficulty in the pass that may have even resulted in the loss of  their home.  I bet we can even find that many have been on the sidelines, living in a rental apartment or in their in-laws’ spare bedroom, Patiently waiting and planning for another chance at home ownership.  If this is you please know that you are not alone. I know you have been focused on rebuilding their credit, saving up for a down payment, and watching the interest rates descend to record lows while rents creep upward.

For those rebounding Columbia buyers eagerly waiting; Welcome to the new, always changing, confusing and often capricious world of "Mortgage Lending"  It can be discouraging reading that Fannie Mae' requires a 600 FICO score, but then the lender may overlay its own requirement of a 640 FICO score,”  Lender conflicts over the effect of a “unfavorable event” like a foreclosure or a Short Sale can halt an otherwise promising transaction.  Don't let a Short Sale or a foreclosure dampen your enthusiasm for returning to the housing market.

Many Columbia buyers are trying to qualify for FHA loans, largely because FHA allows a 3.5 percent down payment,  but to qualify the lender may require 90% LTV when attached to an " unfavorable event" requiring a much higher down payment and a waiting period of three years after a Short Sale or a foreclosure.

I have found that the biggest hurdle, even for those who have gotten their personal finances back on track, is access to the mortgage market. “Many rebounding Columbia buyers have not recuperated from long-term job loss, loss of business income, or the loss of all their savings and retirement accounts. In some cases, Columbia buyers may be ready to purchase and have the down payment money saved. They may be able to afford monthly payments. But they can’t qualify for the loan needed to make the purchase.”

This environment of fewer mortgage insurers combined with tighter restrictions on income and credit scores, “means that some rebounding Columbia Buyers with "unfavorable Events" such as a  Short Sale or foreclosed may be forced to lower their home expectations and work harder to save more for the down payment.”

As a Columbia Real Estate professionals I have an obligation to help rebounding Columbia buyers understand what it takes to get back in the market. “It’s an exhausting , step-by-step process, helping a client negotiate the intricacy involved in qualifying for another loan is a job I take very seriously. If you are reaady to jump back in call me today let's talk about how I can help.

Posted by: Rozalyn Franklin AT 01:08 pm   |  Permalink   |  0 Comments  |  Email
Columbia Foreclosure Relief
Email
Twitter
Facebook
Digg
LinkedIn
Delicious
StumbleUpon
Add to favorites
Reddit
MySpace
Share This Page
Columbia Foreclosure Relief
Email
Twitter
Facebook
Digg
LinkedIn
Delicious
StumbleUpon
Add to favorites
Reddit
MySpace
Translate

Brought to you by:

Rozalyn Franklin
Keller Williams Realty

140 Wildewood Park Drive
Columbia, SC 29223

(803) 318-6412



DISCLAIMER - TERMS OF USE - PRIVACY POLICY - CONTACT POLICY - IMPORTANT NOTICE

Copyright© 2009- Pro Step Marketing, All Rights Reserved.

Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.