JANUARY 13, 2013:

If you've experienced a Short Sale or Foreclosure in the past, don't feel like there are no options for you in the future. I would be happy to review your details on a case by case basis to let you know when it would be possible to obtain mortgage financing moving forward.

Current Guidelines for FHA Insured Loans may allow financing IMMEDIATELY following a Short Sale if the borrower meets certain credit guidelines, particularly if the mortgage was not delinquent for the 12 Month period prior to the Closing of the Short Sales and all consumer debt must have also been paid on time for this same time frame. If there was a delinquency, the Waiting Period, without an exception being granted, would be 3 YEARS. VA GUIDELINES offer very similar guidelines as to time frames with a few additional layers.

FANNIE/FREDDIE are typically 2 YEARS up to a Maximum of 80% Loan To Value (90% possible with extenuating circumstances), 90% Loan To Value after 3 YEARS, and standard matrix LTV's are used after 4 YEARS (varies by property type, owner occupancy, etc.).

There are so many variables and every situation is unique, so please feel free to discuss your situation directly with me so I can get all the facts and provide the most accurate information possible.

I look forward to helping you obtain financing in the very near future!

Enjoy the day!

Steven Ceceri ~ First National Bank of Layton