The mortgage business is very cyclical. Many loan officers out there are either doing really well or starving. As refinances have almost completely dried up, many loan officers are trying to get into the purchase business and other hot niches like “after foreclosure loans” and “home purchase after foreclosure”. However, there are many nuances that come with doing these types of loans that most loan officers haven’t experienced yet. Believe us when we say, you don’t want them practicing on you! Getting a pre-approval doesn’t mean a whole lot unless
A. Your loan has been DU or LP approved / Accepted and/or
B) your loan officer knows the guidelines intimately as it relates to foreclosure timelines and how credit reporting affects underwriting decisions.
Don’t get me wrong, when a loan officer has a big commission at stake, they will often work hard to figure out how to get your loan done, but the biggest question I would ask them is how many loans have you closed for people who have had a previous foreclosure. Either way, I recommend talking to one of our experts here at AfterForeclosure.com and finding out quickly what you qualify for. It may be easier than you think!