If you’ve been putting off buying a home due to a previous foreclosure, short sale or bankruptcy you may now qualify to purchase a home!
If you could use a fresh start at homeownership, Prospect’s Second Chance MortgageTM might help qualify buyers for home financing. If you have lost a home to foreclosure, short sale, or filed bankruptcy because of reduced income lasting over six months, you could qualify to buy again!
Second Chance MortgageTM 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 to purchase real estate, you must have experienced an “economic event,” which is any occurrence beyond your 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.
Clients must have recovered from the “economic event” with the re-establishment of satisfactory credit for a minimum of 12 months. They must also attend housing counseling from an approved HUD Housing Counseling Agency a minimum of 30 days, but no more than six months, prior to submitting the loan application.
Limited to primary residences only. Minimum credit score of 580 required for maximum financing. Loan amount must be within FHA county mortgage limits which are currently $292,500 in Pinellas, Hillsborough and Pasco Counties.
If you feel you may qualify for this program and would like to speak with a lender, please contact us here.
This is not an offer for extension of credit or a commitment to lend. Loans are currently being closed and committed at the expressed rates, however these rates may change or may not be available at the time of your loan lock-in, commitment or closing. All loans must satisfy company underwriting guidelines. Interest rates and APRs are based on recent market rates, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value ratio, credit score and other variables. Call for details. Terms and conditions apply. Additional loan programs may be available. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law
Image courtesy of Stuart Miles FreeDigitalPhotos.net