However, if you have had extenuating circumstances you may be granted an exception to this waiting period.
Here are the guidelines on the extenuating circumstances…
1) Satisfactory Credit History must have been demonstrated prior to Economic Event.
2) Economic Event: Must document that credit impairments were due to Economic Event, defined as Loss of Employment and/or Loss of Income of at least 20% for a minimum of 6 months.
Loss of Employment verified with: Written termination notice, or other publically available
documentation of business closure, and documentation of receipt of unemployment income.
Loss of Income verified with: Written VOE evidencing prior income, or signed tax returns,
paystubs, or W-2s evidencing prior income.
3) Recovery: Borrower has demonstrated full recovery (minimum of 12 months) from event,
demonstrated by Satisfactory Payment history since event, and Housing Counseling: Borrower has completed HUD-approved housing counseling at least 30 days prior to application date, but no more than 6 months prior to application date. HUD Approved Counseling agencies can be found at this link: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
I’ve written about this before, but we have more and more people passing the age…
I had this situation come up again last week, and I wanted to address it…
One of the most important things you will have to do when you apply for…
I wanted to remind you that we have a 2% to 5% downpayment and closing…
If you receive money from the State or a County sponsored organization for providing foster…
Do you have investment property, and would like to pull cash out of your property?…