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eric_veronica
192 Posts |
 Posted - 07/07/2008 : 2:46:31 PM
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I have a borrower in Ohio with a 643 credit score and good debt ratios. He had a forecslosure on a conventional loan that was finalized in May of 2006. I need to find an FHA lender or VA lender that will approve this loan with less than 3 years passed since the foreclosure.
Any input will be greatly appreciated |
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ss5547
250 Posts |
Posted - 07/07/2008 : 2:54:50 PM
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| That is not a lender overlay, it is an FHA guideline. No lender can sell a loan to the FHA with a foreclosure or NOD that is less than 36 months old. |
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joeyostjr
181 Posts |
Posted - 07/07/2008 : 2:55:34 PM
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| i think Fannie just announced a two year term on foreclosures. did you run it DU? With good compensating factors that is your best bet. |
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eric_veronica
192 Posts |
Posted - 07/07/2008 : 3:01:06 PM
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| Thats what I was afraid of... I ran it DU but it said that DU identified a foreclosure that was reported withing the last 5 years and the loan was ineligible for delivery to fannie mae... What does NOD mean? |
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ss5547
250 Posts |
Posted - 07/07/2008 : 3:02:53 PM
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| Notice of Default. It is a pre-cursor to a foreclosure being filed. |
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toddblue
2397 Posts |
Posted - 07/07/2008 : 3:04:25 PM
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quote:
Originally posted by eric_veronica
Thats what I was afraid of... I ran it DU but it said that DU identified a foreclosure that was reported withing the last 5 years and the loan was ineligible for delivery to fannie mae... What does NOD mean?
Notice of Default.
Fannie and Freddie have moved foreclosures to 5 years out. |
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katbunk
2172 Posts |
Posted - 07/07/2008 : 3:04:26 PM
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| the only time an FHA underwriter would even consider it is if there were extremely extenuating circumstances. And they would have to be extreme. |
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deanna1228
62 Posts |
Posted - 07/07/2008 : 6:51:00 PM
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| I just read somewhere that Fannie just changed their guidelines to 5 years on Foreclosures, has anyone else heard that? |
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ichibanbroker
705 Posts |
Posted - 07/07/2008 : 6:55:25 PM
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That's correct.
quote:
Originally posted by deanna1228
I just read somewhere that Fannie just changed their guidelines to 5 years on Foreclosures, has anyone else heard that?
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Becca
182 Posts |
Posted - 07/08/2008 : 05:34:14 AM
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| VA is only 2 year but you have to have good explanation |
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eric_veronica
192 Posts |
Posted - 07/08/2008 : 09:04:25 AM
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| What VA lender would you recommend for this file |
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liverichly
3936 Posts |
Posted - 07/08/2008 : 09:12:31 AM
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quote:
Originally posted by eric_veronica
What VA lender would you recommend for this file
Call up the ones you are already approved with and go over the scenario with your account executive. |
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