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You are here: Inland Financial Associates / 2012 / February

Archive for month: February, 2012

Warren Buffett Says Buy Homes Now!!

28 Feb 2012 / 12,723 Comments / in Real Estate/by InlandFinancial

Click here to view the CNBC interview where Warren Buffett reveals that he feels buying a home is one of the smartest investments to be made in 2012.  In section 5:11 – 6:41 of the video, Buffett explains that current home prices and historically low 30-year mortgage rates make the prospect of purchasing a home attractive to the home buyer and investor.  “Management is key” he says…be sure to visit Inland Financial’s property management section.

Required Waiting Periods for Major Credit Issues

27 Feb 2012 / 16,859 Comments / in Home Loans/by InlandFinancial
The table below outlines many of the issues today’s borrowers may have faced and the minimum times required by the lenders for those issues to settle.  Keep in mind, the list just represents the soonest we will be able to approve you for a loan.  We still need a AUS (automated underwriting system) approval, qualifying FICOs, and income/asset documentation.  These guidelines are constantly updated, so keep an eye out for changes in the future.

Derogatory Item

Conventional Waiting Periods (determined by application date)

Foreclosure

Home was given back to the bank – No owner participation · 7 years from date of foreclosure completed and transferred back to bank if they had NO extenuating circumstances · 3 years from date foreclosure completed and transferred back to bank with acceptable extenuating circumstances1 AND 10% Down Payment. Primary home purchase and rate/term refinance only. Non-Owner and second homes not allowed.

Short Sale Deed in Lieu of Foreclosure Short Sale: Home sold but sales prices didn’t cover amount owed Deed in Lieu: Home returned to lender in exchange for canceling the loan · 7 years from date sale closed and transferred to new owner or transferred bank for less than 10% down payment · 4 years from date sale closed and transferred to new owner or transferred back to bank with 10% down payment · 2 years from date sale closed and transferred back to new owner or transferred back to bank with 20% down payment · 2 years from date sale closed and transferred to new owner or transferred back to bank possible with acceptable extenuating circumstances and 10% down payment.
Bankruptcy Chapter 7 Debts are discharged through BK, client does not pay any debts owing · 4 years from discharge date · 2 years from discharge date possible with acceptable extenuating circumstances.
Bankruptcy Chapter 13 Debts are paid back on a monthly scheduled payment plan by client · 2 years from discharged date · 4 years from dismissal date.
Derogatory Item

FHA Waiting Periods (determined by date of credit approval)

Foreclosure Deed in Lieu of Foreclosure

Home was given back to the bank – No owner participation Deed in Lieu: Home returned to lender in exchange for canceling the loan · 3 years from date foreclosure completed and transferred back to bank · Less than 2 years, but not less than 12 months from date foreclosure completed and transferred back to bank may be acceptable if the result of acceptable extenuating circumstances.

Short Sale

Short Sale: Home sold but sales prices didn’t cover amount owed · 3 years from date sale closed and transferred to new owner. · No waiting period if borrower had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale AND they are not taking advantage of declining market conditions.

Bankruptcy Chapter 7

Debts are discharged through BK, client does not pay any debts owing · 2 years from date of discharge with re-established credit paid as agreed or no new credit obligations incurred · Less than 2 years but not less than 12 months from date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances and borrower has since exhibited a documented ability to manage financial affairs in a responsible manner.

Bankruptcy Chapter 13

Debts are paid back on a monthly scheduled payment plan by client · 1 year payout period under bankruptcy has elapsed and the borrower’s payment has been satisfactory and all required payments made on time.

Derogatory Item

VA Waiting Periods (determined by date of credit approval)

Foreclosure Deed in Lieu of Foreclosure

Home was given back to the bank – No owner participation Deed in Lieu: Home returned to lender in exchange for canceling the loan · 2 years from date of foreclosure completed and transferred back to bank · 12-23 months from date foreclosure completed and transferred back to bank if credit re-established and paid as agreed and was caused by acceptable extenuating circumstances.

Short Sale

Short Sale: Home sold but sales prices didn’t cover amount owed · 2 years from date sale closed and transferred to new owner · No waiting period if borrower had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale AND they are not taking advantage of declining market conditions.

Bankruptcy Chapter 7

Debts are discharged through BK, client does not pay any debts owing · 2 years from date of discharge · 12-23 months from date of discharge if credit re-established and paid as agreed and was caused by acceptable extenuating circumstances.

Bankruptcy Chapter 13 Debts are paid back on a monthly scheduled payment plan by client · 1 year pay out period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time.
Derogatory Item

USDA Waiting Periods (determined by date of credit approval)

Foreclosure Deed in Lieu of Foreclosure Short Sale

Home was given back to the bank – No owner participation Deed in Lieu: Home returned to lender in exchange for canceling the loan Short Sale: Home sold but sales prices didn’t cover amount owed · 3 years from date of foreclosure was completed and transferred back to bank · Less than 3 years from date the foreclosure was completed and transferred back to bank may be considered with acceptable extenuating circumstances.

Bankruptcy Chapter 7

Debts are discharged through BK, client does not pay any debts owing · 3 years from date of discharge · Less than 3 years from date of discharge may be considered with acceptable extenuating circumstances.

Bankruptcy Chapter 13

Debts are paid back on a monthly scheduled payment plan by client · 1 year from the date repayment was completed ad bankrupty discharged · Less than 1 year from the date of discharge may be considered with acceptable extenuating circumstances.

Corona, 92883

25 Feb 2012 / 15,070 Comments / in Property Managements/by InlandFinancial

Price: leased

Bedrooms: 5

Bathrooms: 3

Square footage house/yard : 2255/9500

Date available: leased

Riverside, 92508

20 Feb 2012 / 16,453 Comments / in Property Managements/by InlandFinancial

Price: leased

Bedrooms: 4

Bathrooms: 3

Square footage house/yard : 1975/7405

Date available: leased

Riverside, 92508

20 Feb 2012 / 11,384 Comments / in Property Managements/by InlandFinancial

Price: leased

Bedrooms: 4

Bathrooms: 3

Square footage house/yard : 1840/7504

Date available: leased

Riverside, 92503

20 Feb 2012 / 14,406 Comments / in Property Managements/by InlandFinancial

Price: leased

Bedrooms: 3

Bathrooms: 2

Square footage house/yard : 1300/7405

Date available: leased

Corona, 92883

20 Feb 2012 / 9,431 Comments / in Property Managements/by InlandFinancial

Price: leased

Bedrooms: 3

Bathrooms: 2

Square footage house/yard : 1639/6534

Date available: leased

Lake Elsinore, 92530

20 Feb 2012 / 13,085 Comments / in Property Managements/by InlandFinancial

Price: leased

Bedrooms: 3

Bathrooms: 2

Square footage house/yard : 1549/13,939

Date available: leased

Corona, 92883

20 Feb 2012 / 13,755 Comments / in Property Managements/by InlandFinancial

Price: leased

Bedrooms: 5

Bathrooms: 3

Square footage house/yard : 3076/6098

Date available: leased

Riverside 92503

20 Feb 2012 / 8,524 Comments / in Property Managements/by InlandFinancial

Price: leased

Bedrooms: 4

Bathrooms: 2

Square footage house/yard : 1475/7405

Date available: leased

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