What Are AZ Home Buyer Grants?Many home buyers in Arizona search for home loan grants. Grants are given on a federal, state or local level. When they're available, they are a great tool to
Buying A Home Just One Year After Bankruptcy Foreclosure Or Short Sale
Current timeframes for buying a home after financial default.
- 2 yrs for chapter 7 bk
- 3 years for most short sales
- 3 years for foreclosures
Below are a few key “Back to Work” FHA mortgage guidelines:
Basic program guidelines:1. Borrower(s) must have sustained a reduction in income of at least 20%
2. Borrower’s reduction in income must have lasted for at least 6 months
3. Borrower’s income reduction must be related to an “economic event” (in other words employment circumstances beyond their control - layoff, termination, reduction in hours/overtime, pay cut etc…)
4. Borrower’s bankruptcy, short sale, deed in lieu of foreclosure or foreclosure must have been directly related to the reduction in income and economic event
5. Borrower must have re-established credit within the 12 months after the bankruptcy discharge date, short sale completion date and/or foreclosure recording date
*NOTE: Clients that are utilizing this program will also be required to complete specific home buyer education (details to follow soon)
*NOTE: Lenders may set forth different guidelines (different than traditional FHA guidelines) relative to this program. For example, a client may need a higher credit score and/or lower debt to income ratio when compared to traditional FHA guidelines.
Contact me today to get in touch with a local lender here in Arizona that can help with you this new program.
Coming from a long family history in the real estate profession, I virtually grew up in the industry. I moved from Northeast Iowa to Mesa, Arizona in 1984. I began working for a busy real estate offi....
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