I sat down with Mike Newmann from Evergreen Home Loans on some common questions he’s asked every day:
1. How long do I have to wait to purchase a new home after a foreclosure, bankruptcy, or short sale?
The waiting period after a foreclosure, bankruptcy, or short sale depends on personal circumstances and the loan product. In some cases, it may be as little as 2-4 years. It’s best to talk to Mike, who is a qualified home loan consultant who can discuss your specific situation.
2. Do I need 20 percent down to get a home loan?
No! Some programs allow 100% financing or permit gift funds. The down payment amount depends on loan program rules, your credit, and your finances. Mike Newmann, your trusted mortgage professional, can help determine options that match your needs.
3. How do I compete for a new home in the busy real estate market?
The worst thing that happens is an offer falling through because of financing. At Evergreen Home Loans, we created the Security Plus Seller Guarantee® to address this problem. For qualified individuals, the guarantee provides a firm loan approval to include with the offer letter. If the offer falls through because of the loan, Evergreen will pay the seller $2,500.* This firm approval and guarantee puts you in a stronger position to buy compared to other, sometimes higher, offers.
*Applies to purchase loans only. To qualify the buyer’s Security Plus Approval/Seller Guarantee Addendum must have been issued by Evergreen and the Seller shall have executed the addendum with their signature at the time they execute the Purchase And Sale Agreement object property. Certain loan types do not qualify for this offer. Restrictions apply. Ask for details.
Contact newmanngroup@evergreenhomeloans.com or 541.227.2727 for more information.
Shanon Pewtress
Real Estate Broker, Licensed in the state of Oregon
Published August 2017
Shanon holds an MBA in International Business, loves writing in her “At Home with Shanon” column that has been delivered to 47,000+ homes in Medford since 2014, has appeared on the Real Estate Radio Show and was also featured on A&E TV network’s Real Estate Reality TV show.