Although Fanny Mae guidelines will prevent a seller from buying another home for 5 years after a foreclosure (2 years on a short sale), there are better options available for California sellers who have been through foreclosure. Golden 1 offers a Mortgage Repair Loan to home owners who have lost their home to foreclosure within the past 6 to 18 months.
The Mortgage Repair Loan comes with a fixed-rate of interest, and there are a number of terms to choose from. The maximum loan amount is $417,000. The loan is available to owner-occupant borrowers who took out a loan between January 1, 2005 and December 21, 2006 at another institution and were foreclosed upon.
Golden 1 requires borrowers to be:
- Employed
- In the same job for one year
- Have 3 years of experience in the same industry
- Have a Golden 1 checking account with direct deposit
Golden 1 says Foreclosure Isn't Forever! Other terms and conditions may apply.
If you'd like to buy a home after a recent foreclosure, it's worth checking out. If you live in the Sacramento area, please feel free to call me at 916.233.6759. I'd love to help you find a new home.
photo: Big Stock Photo
The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
