We are constantly asked what options are available for borrowers who do not have the required 3 years of seasoning from their short sale or foreclosure dates.
For borrowers with limited down payment funds, there are very few to no options.
For borrowers with 20% down and re-established credit, Banc Home Loans is the best option. Borrowers need to understand, however, that the rates are much higher than Fannie Mae and FHA rates (around 6% today for ARM), but that the rates are far lower than hard-money alternatives.
This loan is full doc only (must verify income) and the entire 20% down payment must be the borrower’s own seasoned funds.
Many borrowers complain about Banc’s rates, not understanding that there are usually no other alternatives and that Banc could probably charge much higher rates and still have many takers.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646