1.
How long must I wait post short-sale or after
a foreclosure occurred.
Post Short Sale:
ü
New Conventional Financing:
o
2 years with 20% down required
o
4 years with 10% down required
o
7 years with <10% down
ü
New FHA Financing:
o
3 years if borrower was late at time
of short-sale – typical 3.5% down required
o
No delay for new financing if no late
payments at time of short-sale – typical 3.5% down
required
ü
New VA Financing:
o
2 years – no down-payment required
Post Foreclosure:
ü
New Conventional Financing:
o
7 years for financial mismanagement
with minimum 3% down (99% of all cases)
o
3 years for extenuating circumstances
– 10% down required (very difficult to prove)
ü
New FHA Financing:
o
3 years – typical 3.5% down required
ü
New VA Financing:
o
2 years – no down-payment required
depending on eligibility
1.
What are
minimum down-payments.
Conventional
Financing down-payments
|
Financing Type |
Min. Down Payment |
Mortgage Insurance |
Mandatory up-front Mortgage Insurance |
|
Conventional |
3% |
$65 to 186 |
$0 |
|
FHA |
3.5% |
$211.82 |
$3,377 |
| |
2.
What is my potential monthly payment
…principle and interest?
ü
A loan totaling $100,000 is an
estimate of $500
ü
Increasing the loan by $10,000
increments adds an additional $50 to the monthly
payment
3.
How do I know if my Condo is eligible to be
financed or on the approved list for PrimeLending?
ü
Check the FHA list of approved condos
for FHA financing via this link:
https://entp.hud.gov/idapp/html/condlook.cfm
ü
Conventional Financing for condos must
adhere to the following criteria:
(exceptions apply
for primary residences and 2nd homes)
o
The condo complex
must have >51% owner occupancy and second home
ratio.
o
<15% delinquent
HOA fees
o
One person may not
own >10% of total units
o
The HOA budget
must have a contribute 10% to reserves
