Myrtle Beach Deals of the Week - January 7, 2012

FHA 101

FHA loans are a great loan source for first-time homebuyers. To learn more about the loan guildelines, click FHA 101.


If you have any questions about Myrtle Beach area property or FHA loan programs, please call Kathy Rukat at 843-267-2710 or email at Kathy@KathyRukat.com.

Myrtle Beach Deals of the Week - December 15, 2011

This Month in Real Estate - December

Myrtle Beach Deals of the Week for December 1, 2011

Myrtle Beach Deals of the Week for November 17, 2011

When Can I Buy a House after I have had a Foreclosure?

Thanks to Scott Tripp from BB&T for providing this information...

I get calls periodically regarding the waiting period required after bankruptcy, deed-in-lieu of foreclosure, short sale, or foreclosure for a potential home buyer. Below is a general guideline regarding these adverse credits events. Extenuating circumstances are events outside of the person's control. Typically job loss, death of immediate family member, and/or illness. I hope this proves useful.

Foreclosures.
 Foreclosure – 7 Years from completion date
 Foreclosure with Extenuating Circumstances – 3 Years from completion date
 Principal Residence;
Purchases - the lesser of 90% LTV/TLTV/HTLTV or the LTV/TLTV/HTLTV for the
transaction;
 Documentation of the conclusion of the Foreclosure proceedings is required.
Note: The purchase of second homes and investment properties is not permitted until the
seven year waiting period has elapsed.

Deed in Lieu of Foreclosure or Pre-Foreclosure (Short sale).
 Deed in Lieu – 2 to 7 Years from completion date
 2 Years – lesser of 80% LTV/TLTV/HTLTV or LTV for the transaction
 4 Years – lesser of 90% LTV/TLTV/HTLTV or LTV for the transaction
 7 Years – LTV ratios per the BB&T LTV Charts
 Deed in Lieu or Short Sale with Extenuating Circumstances – 2 Years from completion date.
 Documentation of the conclusion of the Deed in Lieu or Short Sale is required.

Bankruptcy.
 Chapter 7 or Chapter 11 Bankruptcy – 4 Years from discharge or dismissal date
 Bankruptcy with Extenuating Circumstances – 2 Years from discharge or dismissal
 Chapter 13 –
2 Years from discharge date. It is recognized that the borrower has met part of the waiting
period when a discharge occurs.
4 Years from dismissal date. A dismissal means the borrower was unable to meet the
bankruptcy requirements and needs a longer waiting period.
 Chapter 13 with Extenuating Circumstances – 2 Years from dismissal
 Multiple Bankruptcy Filings within 7 Years – 5 Years from discharge or dismissal date
 Documentation of the discharge or dismissal must be provided.