Even After Foreclosure, Short Sale or Bankruptcy!
Possibly the biggest news in home lending these days is an opening up of credit to people who have experienced a bankruptcy, foreclosure or short sale due to an “economic event.”
Second Chance Mortgage benefits:
• Previous bankruptcy, foreclosures and short sales okay
• Only a 12-month waiting period
• Low down payment of 3.5%
• No income restrictions
• Gift funds permitted
To qualify, buyers must have experienced an economic event.
An event defined as any occurrence beyond their control that resulted in a loss of employment, loss of income or a combination of both. The event must have caused a reduction in household income by 20% or greater that lasted at least six months or longer.
Extending credit to consumers impacted by a job loss or other significant, negative economic event beyond their control will help people get back on track with their lives — and give you a new avenue of potential buyers!
In addition to re-establishing a one-year history of good credit practices and financial recovery, buyers must also attend housing counseling from an approved HUD Housing Counseling Agency for a minimum of 30 days, but no more than six months, prior to submitting their loan application.
Don’t turn away if you are an interested buyer until you talk to me!
My lenders are one of the few lenders giving buyers a second chance at home-ownership. Contact me to learn more about the Second Chance Mortgage.