Here’s this week’s Mortgage Minute from our lending partner Paul Diaz at New Penn Financial:
HUD announced some good news in August for borrowers who have been through foreclosure, short sale or bankruptcy – and lenders just started to roll it out this month. If this profile fits you and you’re ready to buy a home, here’s what you need to know about the program we are offering:
Program For Shorter Waiting Period after Bankruptcy, Foreclosure, and Short Sale.
The waiting period after a bankruptcy, foreclosure, or short sale has been reduced to just one year from the event!
1. Purchase Transactions Only
2. Housing counseling must be completed 30 days prior to loan application
3. The bankruptcy, foreclosure or short sale must be related directly to the loss of job OR 20% income reduction for at least 6 months
4. Credit must have been satisfactory before the bankruptcy, foreclosure or short sale and be satisfactory for a minimum of 12 months after the event.
*** Program requirements may change
Belt Team CEO Terry Belt comments, “We are thrilled to be partnering with a lender who shares our values and whose mission is to help change lives for the better. Not only does New Penn Financial offer the program above, but they have all kinds of niche products that fit the many needs of our clients.”
Contact Paul Diaz at New Penn Financial for more information. Buying a home could happen sooner than you hoped!