Conventional Loans As An Exit Strategy
Hard Money Loan borrowers who qualify for a conventional loan can refinance their hard money loans with a conventional loan. Many hard money loan borrowers with perfect credit use hard money loans to purchase an investment home or a multi-unit one to four unit property because the property is in dire need of rehab or because the property does not qualify for conventional financing due to minor work. Other home buyers or developers or real estate investors need quick cash in a hurry and do not have time to go through the traditional conventional mortgage loan application and mortgage approval process so they use us at Hard Money Capital Group for quick financing and plan to refinance it later via a cash out refinance traditional conventional loan. Conventional Loans are great exit end loans.
Eligibility Requirements On Conventional Loans
Conventional Loan programs need to meet minimum Fannie Mae and/or Freddie Mac lending guidelines. To qualify for a conventional loan, the conventional loan borrower needs at least a 620 FICO credit score. There are certain waiting period after bankruptcy, foreclosure, deed in lieu of foreclosure, and short sale requirements.
Conventional Loan Programs
Mortgage loan borrowers who need an exit strategy on their Hard Money Loans from Hard Money Capital Group can consult with the Hard Money Capital Group loan officer in refinancing their hard money loan with a conventional loan. Conventional Loan Programs offer refinance mortgage loans and cash out conventional refinance mortgage loans on owner occupied properties as well as second home loans, and investment home loans. You can cash out up to 80% Loan to Value on a conventional loan refinance mortgage. At Hard Money Capital Group, our loan officers will assist you obtain a conventional loan to exit your hard money loan from Hard Money Capital Group.
Waiting Period After Bankruptcy To Qualify For Conventional Loan
There is a mandatory waiting period of four years after a bankruptcy discharge date to qualify for a conventional loan. This applies for a primary owner occupied conventional loan, a second home conventional loan, and an investment property conventional loan. Conventional mortgage lenders also want to see re-established credit after bankruptcy from the conventional loan borrower and no late payments in the past 12 months.
Waiting Period After Deed In Lieu Of Foreclosure And Short Sale To Qualify For Conventional Loan
Conventional mortgage loan borrowers with a prior deed in lieu of foreclosure or Short Sale can qualify for a Conventional Loan after a 4 year waiting period after the recorded date of the deed in lieu of foreclosure or the short sale date which is reflected on the HUD-1 Settlement Statement of the sale of the short sale. Re-established credit is expected and no late payments after a short sale and/or deed of foreclosure is required. Minimum credit scores are 620 FICO to qualify for a conventional loan and a debt to income ratio of no greater than 45% is required.
Waiting Period After Foreclosure To Qualify For Conventional Loan
There is a mandatory 7 year waiting period after a standard foreclosure to qualify for a conventional loan from the recorded date of the foreclosure that is reflected on the county’s public records and/or recorder of deeds office. Re-established credit is required and a minimum of a 620 FICO credit score is required.
Hard Money Capital Group And Lending Network USA
Hard Money Capital Group will help all of our hard money loan and private money loan borrowers obtain a conventional loan or other loan programs for end financing. If the hard money loan borrower has bad credit or has recently filed bankruptcy and/or foreclosure, Hard Money Captial Group will help our client re-establish their credit and advise them with their finances so they can get prepared for their exit strategy to a conventional loan. Lending Network USA, www.lendingnetwork.org , a sister company of Hard Money Capital Group, are our end lender and they specialize in residential and commercial conforming traditional loans. Lending Network USA are licensed mortgage bankers and correspondent lenders as well as credit and financial counselors. Lending Network USA are lenders with no lender overlays and are experts in FHA Loans, VA Loans, USDA Loans, Conventional Loans, Jumbo Mortgages, Reverse Mortgages, Non-Conforming Portfolio Loans, Lines of Credit, Second Mortgages, Foreign Nationals Mortgages, and Private Money Loans. You can visit Lending Network USA at www.lendingnetwork.org .