Phil Moody

Tonero28,

FYI---

Extenuating circumstances-

If a foreclosure or deed in lieu of foreclosure occurred due to extenuating
circumstances, the buyer must meet the following requirements to be eligible to
purchase a home:

• A minimum of two years for a deed in lieu of foreclosure and three years for
foreclosure must have elapsed from a discharge or completion date of the
foreclosure.

What about a foreclosure?

The allowed purchase must be for a primary purchase when a foreclosure has
occurred. If there was a deed in lieu of foreclosure, the buyer may purchase a
primary residence, second home or investment property with a required
minimum down payment for the transaction.

• Ten percent minimum down payment
will be required for primary residence
purchase.

• Minimum credit score of 620 is required
along with acceptable evidence buyer
has re-established an acceptable credit history.

• The borrowers must provide a detailed letter of explanation outlining the
reasons that caused the financial difficulties beyond their control, and
what has changed since to insure that the borrower will not be a repeat offender.

Financial mismanagement---

If a foreclosure or a deed in lieu of foreclosure occurred due to financial
mismanagement, the buyer must meet the following requirements to be eligible to
purchase a home:

• A minimum of four years for a deed in lieu of foreclosure and five years for a
foreclosure must have elapsed from the discharge or completion date of the
foreclosure.

• Allowed purchase must be for a primary residence purchase.

• Ten percent minimum down payment
will be required.

• Minimum credit score of 680 is required
along with evidence of buyer having reestablished
an acceptable credit history.

Start saving!!!

Good Luck

Phil Moody
904-982-3373 - Thu Nov 12 2009, 07:40