The Federal Home Association (FHA) has just issued new guidelines establishing eligibility for home buyers who have suffered a bankruptcy or foreclosure to qualify for a new mortgage loan in as little as one year.
In response to new FHA guidelines announced August 16th, American Pacific Mortgage will be launching a new FHA product for borrowers one year out of bankruptcy or foreclosure. |
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Here's a sneak peek of the product requirements (finalized details announced next week) - Minimum FICO score 640
- Maximum debt ratios 31/43
- Documentation of lost income/employment
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There will also be very clear guidelines from FHA regarding the borrower’s economic hardship relating to the recent recession (i.e. job loss, reduction in hours/OT, etc). These loans will be approved on a case-by-case basis. |
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