NMLS ID:1747872

 

 

 

© 2018  BEACON POINT MORTGAGE SOLUTIONS, LLC 

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Terms of Use 

LOAN PROGRAMS & RATES expressed are representative of some product offerings but are subject to CHANGE at anytime.

*Florida Second Home Specialist is not a state designation nor a Florida State endorsement.

“THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENTAL AGENCY, AND THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE GOVERNMENT.” 

Instead this service reflects the scope of our work and commitment to make it easy for out of state residents to finance a second residence in Florida.

 

Call us! 800-466-0664

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Waiting Periods for financing pursuant to Agency Federal Guidelines

Life is not easy and sometimes people encounter credit problems not by design, not by choice but because of insurmountable challenges.  People get into financial trouble for various reasons.  You could have experienced a loss of a supportive spouse, family member, or friend. You can experience a disruption of income or job loss. Maybe you are a business owner and encountered unanticipated financial obstacles such as cost of materials doubling, or labor shortages and the inability to cover your losses. No doubt a number of situations can give rise to the catastrophe of your credit. 

 

In 2008 the real estate market crash caused many good credit consumers to become insolvent overnight. You might be one of them and looking for a beacon  on your search for financing.  Beacon Point Mortgages has solutions for your rescue. Review the waiting periods here and if you are less than 2 years from a major credit event, do not hesitate to contact us.  We don't discriminate.  We have options for everyone and have credit repair experts on board to help you re-establish your credit and improve your FICO scores.

 

The waiting period applicable to the different types of housing events is displayed below on the desk-top version of this page, but unfortunately is not available in mobile view.

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We are waiting for you!

Bankruptcy- Ch 13*

FHA

Conventional

VA

USDA

Non-Prime

Case by Case- No Wait or 1 Yr

No waiting on certain conditions

1 year 

pn-time payments

& court

approval

2 years from Discharge

4 years  from Dismissal

1 year 

pn-time payments

& court

approval

Generally, a debt consolidation case where the debtor is repaying creditors and gets a court ordered discharge absolving them of debts paid in the case.

Bankruptcy- Ch 7*

FHA

Conventional

VA

USDA

Non-Prime

Case by Case- No Wait or 1 Yr

2 years

2 years

4 years from Discharge or Dismissal

2 years

Generally, a case filed to seek protection from creditors and obtaining a discharge order that gives a total fresh start to the debtor with few debts excepted from discharge.

Bankruptcy- Ch 7 * (Property Surrender)

FHA

Conventional

VA

USDA

Non-Prime

Case by Case- No Wait or 1 Yr

2 years

2 years fri=om 

Discharge

2 years from Foreclosure

4 years

2 years

from Discharge

& 3 years from 

Foreclosure

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Short Sale*

FHA

Conventional

VA

USDA

Non-Prime

Case by Case- No Wait or 1 Yr

3 years

2 years

4 years

up to 95% LTV

3 ears

Where the property is sold without court process and by reaching a compromise with lender to accept less  

money than the entire outstanding balance.

Deed-in-Lieu of Forclosure

FHA

Conventional

VA

USDA

Non-Prime

Case by Case- No Wait or 1 Yr

3 years

2 years

4 years

up to 95% LTV

3 years

The lender accepts a deed from the Debtor which relinquishes all of debtors fee simple interest in the property and usually results in cancellation of the debt owed to lender or in some instance the conveyance is made in total satisfaction of the debt based on the sufficiency of the collateral's value to support the debt.

Foreclosure

FHA

Conventional

VA

USDA

Non-Prime

Case by Case- No Wait or 1 Yr

3 years

2 years

7 years

3 years

A court process which cuts off all rights to own and possess a property. The auction of the property my or may not lead to a deficiency on the note. A court order will specify whether the creditor reserves the right to collect the deficiency. In the event it does. Most debtors will opt to file a bankruptcy to seek discharge of the debt.

Consumer Credit Consolidation

FHA

Conventional

VA

USDA

Non-Prime

Case by Case- No Wait or 1 Yr

undisclosed

1 year  of 

on-time payments & 

agency's permission

Case-by-Case

review

1 year  of 

on-time payments & 

agency's permission

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Loan Modifications

FHA

Conventional

VA

USDA

Non-Prime

Case by Case- No Wait or 1 Yr

1 year

1 year  of 

on-time payments & 

agency's permission

Case-by-Case

review

1 year  of 

on-time payments & 

agency's permission

A program offered by a Lender to change the terms of financing usually affecting the rate and term of the loan, sometimes resulting in a balloon payment. Not all lenders participate it depends on the Corporate policy or if the debt is government insured or securitized.