Wouldn't everyone like a second chance? The Second Chance Mortgage is a program designed for individuals that have experienced an ecomonic hardship that resulting the loss of their home or filing a bankruptcy. This is an FHA mortgage product that will help give many a second chance at homeownership.
Here are the basic requirements:
- An economic event resulting in a loss of at least 20% of their income that last for more than 6 months.
- Maintained good credit prior to the ecomonic loss
- Has reestablished credit
- Has an 12 month rental history that is documented by canceled rent checks
- No collections
This program is available for all FHA case number pulled between August 15, 2013 and September 30, 2016. You won't want to waste time to find out if you will qualify or what needs to be done in order to qualify.
If you have lost home, had to file bankruptcy, this may be a way to get your financial goals back on track.
For more information, please contact your licensed mortgage loan originator for a analysis of your specific situation.
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The opinions and general information in this blog are soley those of Kathy Sheehan. Specifics regarding an individual case should be discussed in detail with a loan professional. For a confidential consultation, please feel free to contact me via phone or email. All terms and conditions are subject to change.