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Are you ready to purchase a home but have little to no money set aside for a down payment?

BancorpSouth offers several programs for zero down payment. The Guaranteed Rural Housing loan is a fantastic option for you if you are purchasing a home in a designated rural area. This could be in Harvest, Toney, New Hope, Meridianville, Hazel Green- Just to name a few. There are income limitations associated with this loan and private mortgage insurance. BancorpSouth also participates in the Alabama Housing Finance Authorities Home Buyers Initiative loan. This too, is a zero down payment program. The great thing about this loan is that the property can be located ANYWHERE in the State of Alabama, city or rural areas. There is no private mortgage insurance. The total household income may not exceed $97,300 at this time. If you are or were in the Military/ Reserve/ National Guard, then you may qualify for the VA loan. There are no geographical limitations and no Private Mortgage Insurance (PMI). If you are interested in getting pre-qualified or have questions about the purchase of your next home, please give our friends at BancorpSouth and Lisa Blake a call- 256.337.5729


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short sale, pre-foreclosure, deed-in-lieu the same as a foreclosure

Is a short sale, pre-foreclosure, deed-in-lieu the same as a foreclosure?


No, the terms in the title above all have different definitions when it comes to getting a mortgage loan.


A short-sale, sometimes referred to as a pre-foreclosure sale, is when you have a mortgage on a home and you have decided to sell the home but the proceeds of the sale would not be enough to satisfy the mortgage debt in full. You must have your lenders approval to do this. This is when the lender has settled for less than the balance on the loan. Be careful with this as many lenders will require you to get behind on your mortgage payments before they will accept this type of arrangement.


A dee-iin0lieu of foreclosure takes place when the borrower gives back the property rather than go through the formal foreclosure proceedings. The lender will have to accept this arrangement also. When it comes to getting a mortgage loan, it will impact your credit as a regular foreclosure.

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I Had A Foreclosure, Now I’ll Never Be Able To Buy A Home!?



The answer is a big fat, YES YOU WILL, but it will take some time before you can qualify. That is unless you have just come into some large (unmarked) stacks of cash. If that is the case do not delay call me immediately!![row]
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If you would rather contact me by email- do it, by phone- DO IT.

Address: 2410 L&N Drive, Huntsville, AL 35801
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Phone: 256 348 5572
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Back to our regularly scheduled info piece.

The most lenient loan programs to get qualified after this type of financial event are Government programs, such as VA, FHA and Rural House loans. They all have a guideline of 3 years since the date of the foreclosure sale. Conventional loans, such as Fannie/ Freddie, have a minimum 7 years waiting period. So if you haven’t stumbled upon that bag of cash just sit back and keep your finances in check. That time will fly by.

If you can document an extenuating circumstance that lead to the foreclosure sale, reduced time periods are allowed. An extenuating event is described as circumstances beyond the control of the borrower, such as a serious illness or death of a wage earner. You must be able to document the event in a satisfactory way to an underwriter. Now, events such as a divorce or the inability to sell the property perhaps due to a job transfer or relocation will most likely not qualify as an extenuating circumstance. And, in most cases, you will need to have some re-established credit.

Thank you for your time, and if there is anything I can do to help you or someone you know in Real Estate please give me a call.