QUALIFYING GUIDELINES

as of December 28, 2009

• No prior bankruptcies and/or foreclosures allowed.

• Short Payoff (Short Sale) must serve as Payment-in-Full.

• If the existing Short Sale Loan is an FHA Insured Loan, borrower is ineligible for this program.
   
• Borrowers may not short sell "to take advantage of declining market conditions and purchase at a reduced price, a similar or superior property within a reasonable commuting distance"... so the following circumstances may allow borrowers to qualify for new financing:
  

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• No Mortgage or Installment Loan Lates in last 12 months, nor through the new home purchase process
  
  
• New home purchase must be "inferior" to the home being short sold.  No "trade ups" allowed under this program.
  

• Minimum 640 FICO Credit Score throughout the Short Sell

        and New Home purchase process

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(We will need to run the Purchasers' credit for $18;

to get all three reporting credit bureau's  Equifax, Transunion & Experion

after receiving a pre-qual application)
 

• Adhere to HUD County Limits on New Loans 

• There are no income limits with this particular Home Loan Program (however there are income limits in applying for the New $6,500 Tax Credit)

• Non owner-occupant co-borrowers are allowed with this particular Home Loan Program

• Competitive FHA lending rates available for this program

• Purchaser must qualify with normal FHA income ratios

• 3.5% minimum down payment on new home ~ Gifts are OK

.

Down Payment Examples:

       $125,000 purchase  =  $4,375 down payment

       $250,000 purchase  =  $8,750 down payment

       $400,000 purchase  =  $14,000 down payment

       $550,000 purchase  =  $19,250 down payment

• Borrowers in default on their mortgage at the time of Short Selling are ineligible for FHA financing for three years from the date of the Short Sale, unless the default was due to extenuating circumstances (ie: death of wage earner, major medical) If you were current with your mortgage payments through your Short Sale, then this restriction does not apply.

• FNMA allows a defaulted Short Sale purchase after 24 months.
  

• VA allows a defaulted Short Sale purchase on a case by case basis, anytime.
  

• Our money-back guarantee credit repair affiliate program may be able to permanently remove foreclosures, settled/short payoff accounts, and other delinquent accounts usually within 3-6 months -- to increase credit scores and qualify for loan programs.