Thursday, September 25, 2014

Economic Event

As of August 2013, Mortgage customers that can document an "Economic Event" are no longer required to wait the standard seasoning time for bankruptcies, short sales & foreclosures. Rather than waiting (2) years for BK & (3) years for short sale/foreclosure borrowers are able to purchase within 1 year of the event as long as the following is true: • Household income (at the time) dropped at least 20% and continued for at least a six month period. • All credit was well maintained up until the event AND the borrower now has 12 month paid as agreed credit ~ this includes Non-Traditional • Borrower(s) have completed HUD's Satisfactory Housing Counseling.

No comments:

Post a Comment