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One day out of foreclosure program

How to buy and finnace a home even one day after a foreclosure - now you have more tools, now all yo need is more homes to sell right

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ONE DAY OUT OF FORECLOSURE PROGRAM - AZ

                                            Owner Occupied only, must not have ownership interest in any other residential
Occupancy
                                            dwelling.
                                            Residential Single Family houses only. No Condos, multi-unit, mobile home or land
Property Type
                                            only properties.
Loan Purpose                                Purchase or Refinance
Product Type                                Note and Deed of Trust
Loan Term/Amortization                      30 year amortization, with balloon due in full at 10 years
Property Location                           50 mile radius of downtown Phoenix, AZ (Central & Washington)
                                            Minimum: $ 60,000.00
Loan Limits
                                            Maximum $175,000.00
Eligible Borrower(s)                        Lawful US Residents, at or over age of legal contract
                                            Co-Borrower will be qualified the same as primary borrower. Co-borrower may not
Eligible Occupying Co-Borrower
                                            be a third party to the transaction: seller, realtor, builder, appraiser
Non Occupying Co-borrower                   Permitted with no additional debt ratio limitations
Interest Rate                               12.00% fixed with no rate buydown available
                                            3% Origination
Fees
                                            $1430.00 (UW & Doc Prep)
                                            The seller and/or other third party may contribute up to 6% of the lesser of the
Third Party Contributions                   property’s sale price or value toward the borrower’s closing costs and prepaid
                                            expenses
Maximum Loan to Value                       75.00%
Qualifications must meet ONE of the following (1A, 1B OR 1C):
                                            Minimum FICO Score of 620. If “Thin FICO”, then move to criteria below.
1A FICO Score
                                            Definition of “Thin FICO” is only one FICO score or less than 4 tradelines.
                                            Minimum credit history of four tradelines active at least 24 months; no more than
                                            nine open tradelines; no collection accounts or judgments within 24 months of
                                            application.
1B Alternative to credit score              No housing or payment delinquency within 24 months (not including delinquency on
(traditional method)                        foreclosed property); no delinquency on revolving or installment debt within 12
                                            months of application.
                                            No more than one revolving or installment account reflecting 30 day delinquency
                                            during the 13-24 months preceding application.
                                            Minimum four sources of non-traditional credit active at least 12 months.
                                            Sources must include housing payment and utility companies. No delinquent
1C Alternative to credit (non-traditional
                                            housing payments within 24 months of application (not including delinquency on
credit)
                                            foreclosed property); maximum of one 30 day delinquency on remaining accounts;
                                            no judgments.
                                            Bankruptcies will be reviewed on a case by case basis. Loans will NOT be made to
                                            borrowers who file bankruptcy due to financial mismanagement.
Bankruptcy
                                            Borrower must provide complete bankruptcy papers and documented explanation
                                            to support a one-time event beyond the borrower’s control.
                                            Must disclose reason for foreclosure in detail.
                                            If foreclosure is only derogatory credit and causes FICO to fall below minimum
Foreclosure
                                            standard, there will be UW discretion on adjustment to FICO and second signature
                                            will be required.
Tax Liens                                   Must be paid prior to closing – no exceptions
Judgments                         All judgments must be paid prior to closing – no exceptions
                                  First apply Credit guidelines from 1A/1B/1C as appropriate. If Credit guide is met
Collection Accounts               collection(s) may remain unpaid if aged over 2 years, aggregate of $5000.00 or less
                                  and 5% payment must be included in qualifying ratios.
                                  If currently renting, the new PITI payment must be less than 150% of the prior rental
Payment Shock                     payment (including rental insurance). If not renting, must show average savings
                                  equal to or greater than 100% of the new PITI over the past 12 months.
Residual Income                   Minimum $1,500.00 (monthly income less PITI)

Property Valuation                Borrower will pay for independent appraisal

Property Ownership                Fee simple with no encumbrances. Title Insured. No leased land.
                                  Loan must be in first lien position encumbering the total property.
                                  Property Insurance in joint names of beneficiary and borrower to cover the
Security Required                 replacement value of the property. The policy is to be index-linked if available.
                                  Recorded Deed of Trust and Note signed by the borrower, with originals held at the
                                  servicing agent’s office.
                                  Supporting documents: 2 years tax returns, 2 months’ pay stubs, 2 months’ bank
Verification
                                  statements, signed employment verification from employer.
Maximum Debt Ratios               31.00/43.00 No Exceptions
                                  3 months PITI in a deposit account. Additional reserves may be used as a
Reserves
                                  compensating factor.
                                  The amount of cash on hand must be commensurate with the borrower’s
Cash on Hand
                                  employment income and expenses. (Follow FHA on cash accumulation)
                                  Borrowers may obtain a gift from individuals who are related to the borrower by
                                  blood, marriage, adoption, legal guardianship or persons with a documentable,
                                  established relationship with the borrower.
                                  Must obtain fully executed gift letter which includes:
                                     Donors Name(s)
                                     Borrower(s)’ Name(s)
                                     Relationship of Donor to Borrower
Gift Funds
                                     Amount of gift
                                     Statement that no repayment is expected
                                  AND
                                  Document transfer of funds with one of the following:
                                     Copy of Donor’s check and borrower deposit slip
                                     Copy of Donor’s withdrawal slip and borrower’s deposit slip
                                     Copy of donor’s cashier check presented to the closing agent
                                  Borrower will be provided HUD’s Settlement Cost Booklet with the GFE and will
Borrower Education & Counseling
                                  acknowledge receipt of Booklet at closing.
                                  All loans are serviced by Amerifirst Financial, Inc.
                                  All loans must be impounded:
                                                                                                                  th
                                  Property Insurance will be pre-paid for one year at the time of closing and 1/12 of
Servicing
                                  the annual premium will be impounded per month.
                                                                                  th
                                  Taxes will be paid current at closing and 1/12 of the yearly taxes will be impounded
                                  per month.
Ad

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One day out of foreclosure program

  • 1. ONE DAY OUT OF FORECLOSURE PROGRAM - AZ Owner Occupied only, must not have ownership interest in any other residential Occupancy dwelling. Residential Single Family houses only. No Condos, multi-unit, mobile home or land Property Type only properties. Loan Purpose Purchase or Refinance Product Type Note and Deed of Trust Loan Term/Amortization 30 year amortization, with balloon due in full at 10 years Property Location 50 mile radius of downtown Phoenix, AZ (Central & Washington) Minimum: $ 60,000.00 Loan Limits Maximum $175,000.00 Eligible Borrower(s) Lawful US Residents, at or over age of legal contract Co-Borrower will be qualified the same as primary borrower. Co-borrower may not Eligible Occupying Co-Borrower be a third party to the transaction: seller, realtor, builder, appraiser Non Occupying Co-borrower Permitted with no additional debt ratio limitations Interest Rate 12.00% fixed with no rate buydown available 3% Origination Fees $1430.00 (UW & Doc Prep) The seller and/or other third party may contribute up to 6% of the lesser of the Third Party Contributions property’s sale price or value toward the borrower’s closing costs and prepaid expenses Maximum Loan to Value 75.00% Qualifications must meet ONE of the following (1A, 1B OR 1C): Minimum FICO Score of 620. If “Thin FICO”, then move to criteria below. 1A FICO Score Definition of “Thin FICO” is only one FICO score or less than 4 tradelines. Minimum credit history of four tradelines active at least 24 months; no more than nine open tradelines; no collection accounts or judgments within 24 months of application. 1B Alternative to credit score No housing or payment delinquency within 24 months (not including delinquency on (traditional method) foreclosed property); no delinquency on revolving or installment debt within 12 months of application. No more than one revolving or installment account reflecting 30 day delinquency during the 13-24 months preceding application. Minimum four sources of non-traditional credit active at least 12 months. Sources must include housing payment and utility companies. No delinquent 1C Alternative to credit (non-traditional housing payments within 24 months of application (not including delinquency on credit) foreclosed property); maximum of one 30 day delinquency on remaining accounts; no judgments. Bankruptcies will be reviewed on a case by case basis. Loans will NOT be made to borrowers who file bankruptcy due to financial mismanagement. Bankruptcy Borrower must provide complete bankruptcy papers and documented explanation to support a one-time event beyond the borrower’s control. Must disclose reason for foreclosure in detail. If foreclosure is only derogatory credit and causes FICO to fall below minimum Foreclosure standard, there will be UW discretion on adjustment to FICO and second signature will be required. Tax Liens Must be paid prior to closing – no exceptions
  • 2. Judgments All judgments must be paid prior to closing – no exceptions First apply Credit guidelines from 1A/1B/1C as appropriate. If Credit guide is met Collection Accounts collection(s) may remain unpaid if aged over 2 years, aggregate of $5000.00 or less and 5% payment must be included in qualifying ratios. If currently renting, the new PITI payment must be less than 150% of the prior rental Payment Shock payment (including rental insurance). If not renting, must show average savings equal to or greater than 100% of the new PITI over the past 12 months. Residual Income Minimum $1,500.00 (monthly income less PITI) Property Valuation Borrower will pay for independent appraisal Property Ownership Fee simple with no encumbrances. Title Insured. No leased land. Loan must be in first lien position encumbering the total property. Property Insurance in joint names of beneficiary and borrower to cover the Security Required replacement value of the property. The policy is to be index-linked if available. Recorded Deed of Trust and Note signed by the borrower, with originals held at the servicing agent’s office. Supporting documents: 2 years tax returns, 2 months’ pay stubs, 2 months’ bank Verification statements, signed employment verification from employer. Maximum Debt Ratios 31.00/43.00 No Exceptions 3 months PITI in a deposit account. Additional reserves may be used as a Reserves compensating factor. The amount of cash on hand must be commensurate with the borrower’s Cash on Hand employment income and expenses. (Follow FHA on cash accumulation) Borrowers may obtain a gift from individuals who are related to the borrower by blood, marriage, adoption, legal guardianship or persons with a documentable, established relationship with the borrower. Must obtain fully executed gift letter which includes: Donors Name(s) Borrower(s)’ Name(s) Relationship of Donor to Borrower Gift Funds Amount of gift Statement that no repayment is expected AND Document transfer of funds with one of the following: Copy of Donor’s check and borrower deposit slip Copy of Donor’s withdrawal slip and borrower’s deposit slip Copy of donor’s cashier check presented to the closing agent Borrower will be provided HUD’s Settlement Cost Booklet with the GFE and will Borrower Education & Counseling acknowledge receipt of Booklet at closing. All loans are serviced by Amerifirst Financial, Inc. All loans must be impounded: th Property Insurance will be pre-paid for one year at the time of closing and 1/12 of Servicing the annual premium will be impounded per month. th Taxes will be paid current at closing and 1/12 of the yearly taxes will be impounded per month.