A reader asks: We were told we have to wait 7 years after our Foreclosure to purchase another home. Is there any way we can buy a home sooner?
A: Short answer… Yes, you can buy a home faster.
Funny you should ask. Just last week I was talking with one of the lenders that helps out many of my clients. He was explaining a loan product that allows shorter wait times for folks who have been through a financial setback.
Mike is a loan officer with Fairway, a well known mortgage lender with a solid reputation. Mike was telling me about a program initiated by his company recently that can cut years off your wait time to buy a home after a financial event like Short Sale, Foreclosure or Bankruptcy. There are of course, restrictions and conditions. But after reading through the material I was provided, they don’t appear to be unreasonable.
Understandably, you need to have rebuilt your credit to a certain point but stellar credit is not necessary, and there are a few other logical stipulations. But the allowances are generous; you can purchase a Primary Residence, Vacation Home or Investment Property, and the program applies to 30-year and 15-year Fixed Rate Mortgages, and even Adjustable Rates.
The chart below shows you what’s possible using Fairway’s Early Access Product.
For more information, Call or Text: 602-999-0952
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
There are still down payment assistance programs available in Maricopa and Pinal Counties.
Call us for details: 602-999-0952
We also have options to help with your closing costs. See the links below or feel free to call or email for additional information: 602-999-0952 / email@example.com
Learn more about the Arizona Heroes Home Advantage cash-back program. NO cost, NO pre-registration, NO obligation.
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Other Valuable Resources
AZVHV – Arizona Veterans Helping Veterans
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