Friday, August 30, 2013

Bankruptcy? Foreclosure? No problem!

The Federal Home Association (FHA) has just issued new guidelines establishing eligibility for home buyers who have suffered a bankruptcy or foreclosure to qualify for a new mortgage loan in as little as one year.

In response to new FHA guidelines announced August 16th, American Pacific Mortgage will be launching a new FHA product for borrowers one year out of bankruptcy or foreclosure.  

Here's a sneak peek of the product requirements (finalized details announced next week)
  • Minimum FICO score 640
  •   Maximum debt ratios 31/43
  • Documentation of lost income/employment

There will also be very clear guidelines from FHA regarding the borrower’s economic hardship relating to the recent recession (i.e. job loss, reduction in hours/OT, etc). These loans will be approved on a case-by-case basis. 

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