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.