How to Buy or Refinancing a Home After a Short Sale or Foreclosure - Returning to the Housing Market after a Short Sale or Foreclosure

We Give Impacted Borrowers a Second Chance to Become Homeowners after a Foreclosure or Short Sale.

Bottom-line here:Consumers Do Not have to wait 2 to 7 years to purchase or refinance after having a Foreclosure or Short Sale. You can return to the Housing Market now. 

Now that is great news.

It is unfortunate, uncomfortable and a stressful situation to have lost a home to a Short Sale or Foreclosure. For those consumers are now Renters or living with Family or Friends to have a roof over their head. It can be depressing to them in knowing that they have to wait for years to achieve a home of their own again.

Well that has all changed now and can you imagine the reaction I get when I share with them that there is a Solution? It is just wonderful as after we get past the "too good to be true" and nail down the real life plan, they can see the light at the end of the tunnel. It really picks up the spirit inside someone knowing homeownership is within reach. We simply Plan the work and then Work the plan to ensure success.

Let's Give Impacted Borrowers a Second Chance to Become Homeowners

Banc Home Loans, a division of Banc of California, N.A. provides flexible portfolio lending options in approved states for consumers with non-traditional lending needs, and the Expanded Criteria Program is designed for borrowers with less-than-perfect credit to purchase a home. This exciting program provides a path of homeownership to those who are well qualified from an income and down payment standpoint, but are not currently eligible for financing due to a short sale, foreclosure, deed-in-lieu, or even bankruptcy in their history. Using this specialized program, we can help consumers with unique financing scenarios find or refinance a new primary residence home.

Who is Eligible?

Borrowers purchasing a home for primary occupancy as their primary residence, with prior homeownership experience and a minimum middle credit score of 660. Will consider as low as a 620 FICO score.

Expanded Criteria Guidelines

• Full Documentation

• Purchase and R&T Refi

• Owner-Occupied Only

• Maximum Loan-to-Value (LTV): 80%

• Previous Short Sale/Foreclosure/Deed-in-Lieu are acceptable

• Bankruptcy Acceptable, 2 Years Since Dismissal

• Mortgage Lates Acceptable

• First-time Homebuyers Not Eligible

• 5/1 or 7/1 LIBOR ARM

• Fully Amortizing Only (no interest only option)

• Maximum Loan Amount 4 million

Contact Me Today
Call me today to discuss our comprehensive selection of portfolio loan programs.

Roadmap to Your Home Loan from Michael Evans

Roadmap to Your Home Loan from Michael Evans

There is a Right way and a Wrong way and I believe that Knowledge paves the Right path in being successful.

So often I am referred new clients on the same day they decide to put in an offer to purchase a home they desire. Usually within a couple of minutes to a couple of hours (depending if they have everything needed) I can generate their approval letter based on the subject property and matching the offer price they are putting in and dated the same day. To me this is just everyday business and it is not complicated at all, if indeed we have everything that is needed.

I also get many referrals to Fix and Save a client's transaction.
Typically the client are in the middle of a transaction with Lender "X" and now sad or frustrated finding out that Lender "X" has denied them the home loan they need. On average this usually happens within 10 to 20 days in to buying their dream home. I am here now to try and save the transaction and get them home. To me this too is everyday business and I admit it is fun and creative finding a solution to help them get their home. When called a hero, it is indeed a compliment but does not really apply, since I did not rescue them from a burning building or sinking boat etc...

I would rather see my client succeed the First time and this means doing it The Right way.

I have been sharing Tips to Consumers (when I say Consumers, I mean anyone) for years knowing that it will trickle down through generations and to their friends and to their co-workers as they learn the importance of these Tips and they share with them and ultimately see the positive outcome of following my guidance.

Pre-Qualification
The first step is to get you qualified so when you decide to go shopping, you are out there with confidence knowing what you can afford within your Comfort Zone. If there is something we need to address or fix now, we can do this prior to you going shopping.

#Getting the Loan
Banc Home Loans is well educated with an array of loan products to assist you with the best finance options for your needs.

The required steps in this process are: 1st Triangulating your Comfort Approval Zone:

• What is your Maximum Comfort total new Monthly mortgage payment you do not want to exceed?_____
• What is your Maximum Comfort out of pocket expense you do not want to exceed for your down payment / closing costs? _____
• What cities, counties, zip codes do you desire to live it? _____
• How long do you plan on staying at this property? _____________

Your Loan Application and Checklist:
Click Here you will be directed to fill in the mini Application and review your Checklist items to send back. After reviewing the checklist, we will narrow down what items are applicable for you.

Checklist Documentation 

Paper hard-copies can include: More or Less may be needed Depending.
• Two years of W2s
• Two months bank statements
• Two Years of Personal & Business Returns (If applicable)
• One month of pay stubs
• Current Mortgage Statements, Property Tax, Home Insurance, HOA dues
• Court Order Divorce Decree, Child Spousal Support, Court Bankruptcy Paperwork

Home Value
An appraisal(s) will be completed to ensure the market value of the home.

Home Insurance
Depending on the type of property you will need a Homeowners Insurance Policy, or an Ho6 policy if it is a condominium. If your home is located within a flood zone, you may be required to get flood insurance.

Loan Processing

With all of the information that you have gathered, Banc Home Loans will bundle your documents into a submission packet and send to our processing department for review. Once the final packet has been reviewed the full and complete packet will be sent to our underwriting team.

Underwriting

From submission to funding, a Senior Underwriter will review your loan application. Once completed, they will determine if additional documentation will be needed in order to approve and fund your loan.

Funding your Loan

With the Underwriter’s approval, the loan documents will be emailed and sent to your closing office for you to sign. Once completed they will be sent back to Banc Home Loans office to fund your loan.

Done! Congratulations and Welcome Home!


Call me to get started on the Right path with knowledge and a solid solution for your home financing.
Feel free to share my contact information with anyone.

Michael Evans

Sr. Loan Officer

510-455-4109

Banc Home Loans

NMLS 251165

"I am your Direct Lender"