Florida Mortgage After Foreclosure

Florida Mortgage After Foreclosure

Florida Mortgage After Foreclosure:

A borrower whose previous residence or other real property was foreclosed on or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible.

Foreclosure must have been resolved for at least 3 years with no late payments since the date of resolution. Minimum credit score of 500.

Seasoning Requirements are determined by the type of loan:

Government loan: Seasoning is determined by the date the claim was paid.

Loans other than Government: Seasoning is determined by the date of sale borrowers must have their own funds.

Borrower should have re-established credit. FHA guidelines are clear about the need for the re-establishment of positive credit from the time of the foreclosure.

Good rental history for the last 12 months is required. A lender will require a Verification of Rent (VOR) from a Rental Management Company or 12 months of cancelled checks showing rental history if the landlord is a private owner.

To buy a home after foreclosure you must have a minimum down payment of 3.5% if your credit score is above 580. The down payment must be the borrowers own funds or can come from a gift.

Borrowers with credit scores below 580 must make a 10% down payment. Gift funds are allowed.

FHA insured mortgages are generally not available to borrowers whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous three years. However, if the foreclosure of the borrower's main residence was the result of extenuating circumstances, an exception may be granted if they have since established good credit. This does not include the inability to sell a home when transferring from one area to another. Florida mortgage after chapter 13.

What documentation will I need?

• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)

Apply Now!

or

Call us 888.958.5382

We look forward to working with you.