Just got my current Residential REO Buyer Specialist Certification, put it to your BEST advantage!!
This is the latest info on REO Foreclosed homes that has come down the pipe through CAR (Calif. Assoc. of Realtors)
With a new supply of foreclosed home coming on the market expected in June according to Credit Suisse, CAR and many national banks are stepping up to the plate and 'training' agents/brokers on what each individual bank wants to see from a BUYER. The guide lines are similar but in this new day of personal responsibility the qualifying perameters are pretty --- well, REAL! And thats a good thing!!
Most of this is what used to be in the good ol' days.
Buyers/users are being required to have a minimum of a 660 credit score, this is down from a 720 recently.
Two years fully documented income and last quarter investment accounts.
If self employed
Two year tax returns
Rental income, corporation or partnership schedules, social security or other retirement income schedules for the past two year.
Qualifying Debt Ratios
The 'front' ratio for a conforming loan is 28%, 33 for a non-conforming loan, and 31% for FHA. There is NO ratio used in VA loans.
The 'Back' ratio or the total monthly debt of the buyer for a conforming loan is 36%, 40 for a non-conforming and FHA is 43%. VA in computed by a different manor and the ratio is 41%.
Mortgage Insurance come into play here also when a buyer puts down less than 20%.
Fixer-upper - REO's plenty of room in loans to rehad these and well, there are many other details and loan packages that have been devised to get these ones moving.
Just give a call, I give you the low down!
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