Five long years after the start of the financial crises, the government has finally devised a plan to assist the millions of Americans who fell on hard times and lost their home or were forced to file bankruptcy. In a nutshell, the program provides an opportunity to purchase a new home for people who experienced an adverse “Economic Event,” such as the loss of a job and/or income.
Some of the conditions for the program state that the economic event must have lasted for 6 months or more and the borrower must now have steady income and re-established credit for 12 consecutive months. An hour-long counseling course is required to determine if all of the criteria is met, and if so, the purchase of a new home could occur in as little as 12 months from the time of the bankruptcy, short sale or foreclosure. The best part is that the borrower could possibly qualify with as little as a 3.5% down payment. Call us today to learn whether you may be a candidate, or to find out what has to happen to position you to take advantage of this program.