Monday, July 27, 2015

Important Conventional Loan Guideline Revision Effective Last August 12, 2014

Did you know that if a mortgage debt has been discharged through a bankruptcy, even if the foreclosure takes place after the discharge of the bankruptcy, the borrower is held to the bankruptcy waiting period of 4 years to purchase a home and not the foreclosure waiting period of 7 years?

That’s important to know because many lenders who don’t understand conventional loan guidelines are mistakenly putting borrowers in a FHA Loan which have expensive mortgage insurance requirements and a loan limit of $271,050 in Maricopa County compared to conventional loans which in most cases have lower or no mortgage insurance requirements and a loan limit of $417,000 in Maricopa County.

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