Thursday, July 17, 2014 / by Karen Bartlett
Thought we would share a video from one of our preferred lenders on a new program that they are offering and some information from them. If you have had a Foreclosure, Short- Sale or Deed in Lieu this is some great information:
Effective July 16, 2014, I now have a FRESH START program that allows borrowers who have had a Foreclosure, Shorts-Sale, Deed in Lieu—SEE VIDEO
CLICK THIS VIDEO- https://www.youtube.com/watch?v=w3zqdb1pJ4Y
The previous requirement of eligibility was 3-7 years.
Here are the requirements:
*25% DOWN CONVENTIONAL LOAN
*600 CREDIT SCORE
*PRIMARY RESIDENCE ONLY
*SFR/PUD/CONDOS ARE ELIGIBLE
*43% DEBT TO INCOME RATIO MAX
What sets this program apart from other programs is the seasoning
requirement on previous seriously derogatory credit.
• No seasoningfor Short Sale, Foreclosure, and Deed in Lieu as long as all other installment debt is paid as agreed
• 6 months seasoningfor Chapter 7 Bankruptcy and 13 Bankruptcy.
The 6 months is from the discharge date to the COE date on Summit’s new loan.
If you want some more information please contact Karen Bartlett at 916.880.7700 who can get you in touch with Albert from Summit Funding.