Foreclosure / Short Sale History
Having a foreclosure or short sale in your credit history damages your FICO score and can prevent you from obtaining a mortgage loan for several years in accordance with government agency guidelines.
Mackinac makes portfolio loans and is not restricted by those guidelines if circumstances merit a shorter wait period and there are other compensating underwriting considerations.
Mackinac will want to know the causes of the foreclosure or short sale and the likelihood of a reoccurrence. If the cause was a single incident such job loss or illness, rather than over-spending, Mackinac may be able to qualify you earlier.
If you have had a foreclosure or short sale recently and are interested in knowing when and how you can qualify for a new mortgage, consult a loan officer today.