How to get mortgage After A Repossession!
“Can i get another Florida mortgage lenders after repossession” is a question we get asked a LOT, especially since there’s a high number of people that have recovered and saved enough deposit to buy a Florida home again since the credit crunch. Thankfully the answer is a loud answer is YES if you
- Know where to look? and
- You now to meet the Florida mortgage lenders lender criteria in terms of downpayment and credit pay history since your repossession!
Don’t worry! It is possible to find a Florida mortgage lender if you have had a car repossessed in the past, as there are a few Florida mortgage lenders considering these applications and many of them at surprisingly attractive and competitive rates.
These Florida mortgage lenders are looking for several key factors in their decision:
A Repossession collection account refers to a Florida mortgage applicant’s loan or debt that has been submitted to a Repossession collection agency by a creditor.
If the credit reports used in the analysis show cumulative outstanding Repossession collection account balances of $2,000 or greater, the Florida mortgage lender must:
• verify that the debt is paid in full at the time of or prior to settlement using an acceptable source of funds;
• verify that the Florida mortgage applicant has made payment arrangements with the creditor and include the monthly payment in the Florida mortgage applicant’s Debt-to-Income ratio (DTI); or
• if a payment arrangement is not available, calculate the monthly payment using 5 percent of the outstanding balance of each Repossession collection and include the monthly payment in the Florida mortgage applicant’s DTI.
Repossession collection accounts of a non-borrowing spouse in a community property state must be included in the $2,000 cumulative balance and analyzed as part of the Florida mortgage applicant’s ability to pay all Repossession collection accounts unless excluded by state law. Unless the lender uses 5 percent of the outstanding balance, the lender must provide the following documentation:
• evidence of payment in full, if paid prior to settlement;
• the payoff statement, if paid at settlement; or
• the payment arrangement with the creditor, if not paid prior to or at settlement.
For manually underwritten loans, the lender must determine if Repossession collection accounts were a result of:
• the mortgage applicant’s disregard for financial obligations;
• the mortgage applicant’s inability to manage debt; or
• extenuating circumstances.
The lender must document reasons for approving Florida mortgage lenders when the Florida mortgage applicant has any Repossession collection accounts. The Florida mortgage applicant must provide a letter of explanation, which is supported by documentation, for each outstanding Repossession collection account. The explanation and supporting documentation must be consistent with other credit information in the file.
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