FHA relaxed program even if you had a foreclosure or short sale in the past !!! I can get you a loan today --Dear Reader, 1ststeponline/applyonline.php BANKRUPTCY ~ FORECLOSURE~ SHORT SALE For BUYERS Buyer may be able to purchase again after 12 months if they meet certain criteria that includes: · Suffered “Economic Event” that caused a bankruptcy, foreclosure or short sale o Can document that certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control; the borrower has demonstrated full recovery from the event · Has re-established 12 months of satisfactory credit history since date of bankruptcy, foreclosure or short sale · Must complete a HUD approved Housing Counseling program 30 days prior to loan application · For details: Mortgagee Letter for Buyers click on 13-26 (If you are redirected to HUDs website, search for ‘Mortgagee Letter’ and you will be directed there.) Some lenders may choose to add overlays. Decisions based on underwriter discretion. For SELLERS FHA no longer requires seller to be late on mortgage if they are at risk for Imminent Default due to one or more of the following: Owner Occupied: · Reduction or loss of income that was supporting the mortgage loan · Change in household financial circumstances · Divorce or legal separation of a mortgagor · Death of Co-mortgagor · Long term/permanent illness or disability of a mortgagor · Distant employment transfer/relocation greater than 50 miles one-way from the mortgagor’s current primary residence to be closer to employment · Owner must first go through a modification/ forbearance as detailed here: Mortgagee Letter for Sellers click on 13-23 (If you are redirected to HUDs website, search for ‘Mortgagee Letter’ and you will be directed there.) Non-Owner Occupied: Now eligible for short sale without hardship if mortgage is 90 days past due and credit score is 620 or below. For more information contact any of our team members: needloanhelp to apply: 1ststeponline/applyonline.php
Posted on: Wed, 18 Sep 2013 13:02:45 +0000
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