Friday, June 23, 2017

How long to wait after BK, short sale and what are the credit bureaus doing now?

BIG(?) changes to credit reporting coming on July 1st
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BIG(?) changes to credit reporting coming on July 1st




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Hi Kens, 
Happy Friday!!  
A pretty common question we get is... how long do I have to wait until I can buy a home?  This question coming from buyers that have filed bankruptcies, had short sales, foreclosures and have had issues.  We are always here to help answer those questions and for those of you that like to keep the information handy, we've updated the guidelines and waiting periods for you on our new flyer... Click on the link to get your copy of "You Can Buy Again".

And you may have heard about the big changes to our credit reports starting on July 1, and if not, here's a quick refresher... Effective July 1, the major credit reporting agencies will no longer report Civil Judgments and tax liens on personal credit reports.  The good part of this is... it may help a few people with their scores.  The downside is, we may be confronted with issues when title work is obtained, later into the application process.  

The major lending agencies, Fannie Mae and Freddie Mac, study gazillion's of mortgages closed and denied and do not feel this change is going to have much impact at all on future approvals or denials.  Our top credit analyst has told us basically the same too... after analyzing a ton of credit reports leading up to today, they are not seeing a wide variance in changes and scores.  So, while the media and housing/lending industry may be making this "news"... this isn't going to change our day to day lives and create or diminish opportunities in our market to any negligible degree.
When you have questions about credit reports, waiting periods and such, call us.  We have access to one of the top credit analysts in the US and have the resources to help.  And I hope you like the "Waiting Times" flyer, we reference that information all the time.  Would you like a copy of it with your contact data on it, to use as a handout on buyer appointments and Open Houses?  Call me or your Loan Officer at FAIRWAY and we'll have them custom made for you. 

To Your Success,
Ken and the Crew at FAIRWAY

  Why are we leading the US in FHA loans?  Because of our flexibility in underwriting.  Having our own underwriters helps on the tough loans and gives us more flexibility on lower credit scores and difficult issues.  And, often times we can pair up FHA with a 1st time home buyer discount, $1500 credit at closing and even first time home buyer tax credits that most lenders don't have.  Want help with an FHA buyer... call us.  We do FHA!
Ken's Korner... Your source for news, tips, motivation and inspiration.

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