Flipper/Rehabber · South Royalton, VT · Member since 2017 · 80 posts · 36 votes
I have a client who is interested in doing a lease option just north of Charlotte, NC. I may be buying the property and she will lease option it to purchase within 3-4 years. She has a recent short sale in her history and needs to connect with a title company, credit union or bank who would be interested in working with her and her husband and developing a plan or path forward to purchasing the property from me in the future. Anyone have any good contacts or ideas to help out? Thanks
I have a client who is interested in doing a lease option just north of Charlotte, NC. I may be buying the property and she will lease option it to purchase within 3-4 years. She has a recent short sale in her history and needs to connect with a title company, credit union or bank who would be interested in working with her and her husband and developing a plan or path forward to purchasing the property from me in the future. Anyone have any good contacts or ideas to help out? Thanks
No one has any idea what the guidelines will be like in 3-4 years.
As of today, there are actually cases wherein Freddie Mac loans will entertain zero seasoning following a short sale.
But who knows. Maybe in the year 2022, all the Agency lenders will want 7 years of seasoning following a short sale. Or maybe FHA and Fannie will follow Freddie's lead.
Given that, I can give them the plan right here: Save up as much as they can, remain gainfully employed (don't become self employed at last minute, "last minute" in this case defined as 2 years), build their credit and don't miss any payments. Without the crystal ball into future mortgage guidelines, that is all they can do to maximize their odds.