Help is Here for Those Who Have Experienced an Economic Event!
Back to Work – Extenuating Circumstances
As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure.
Some borrowers were forced to file for bankruptcy to discharge or restructure their debts. Because of these recent recession-related periods of financial difficulty, borrowers' credit have been negatively affected.
Because of these economic events, FHA is now allowing borrowers who have experienced an Economic Event and can document the required events, to reduce the required waiting period.
Certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower's control;
- The borrower has demonstrated full recovery from the event; and,
- The borrower has completed housing counseling.
Borrowers will have to show that they experienced an "economic event" and their household income fell by 20% or more for a period of at least six months. They must also demonstrate that they have fully recovered from the event, and have previously attended Homebuyer Counseling at least 30 days prior to the application, but no more than 6 months.*
Call now and let me evaluate your current circumstances.
Office: (425) 289-1102
NMLS #69386 /Washington #MLO-69386
*Note: all borrowers listed on the loan application must attend this mandatory FHA Approved Homebuyer education course, including Non-Occupant co-borrowers. Attached is a link to the required HUD approved providers: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
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Celebrating 25 Successful Years in Business.
Equal Housing Opportunity Lender. Rates, Program, Fees, and Guidelines are subject to change without notice. Not a commitment to lend. Land Home only conducts business in states we are approved to. Land Home Financial Services, 22525 SE 64th Place, Suite 220, Issaquah, WA 98027. Washington Consumer Loan License #CL-89331. NMLS ID # 89331. Michael Patterson Licenses: NMLS #69386; Washington #MLO-69386. This is not an offer for extension of credit or a commitment to lend and is subject to change without notice. Restrictions may apply. You are receiving this communication because of a valued existing and/or past business relationship, or because you have consented to receive communications from Land Home. 8-22-13