Buy a home one year after short sale, bankruptcy or foreclosure, back to work loan program details, how can you qualify, when you apply, can it be used for purchase and refinance, how can you get the loan?
5 credit secrets revealed on getting approved for financing powerpointDane Wilson
This document reveals secrets for getting approved for financing with challenged credit. It discusses what credit scores and histories mortgage, auto, and other lenders typically require. The key tips are to dispute negative items on your credit report to have them removed, and to add new positive credit accounts to show re-established credit and increase credit limits available. Following these steps can boost your credit scores into the range needed to qualify for loans by deleting negative information and building positive payment histories over time.
Webinar presented in Jan \'09 by Direct Response Solutions explores current trends in annual giving and examines ways to meet the challenges annual programs are facing in 2009.
The document provides guidance on effective fundraising strategies and techniques. It outlines the five "I's of Fundraising": Investigate, Inform, Interest, Involve, and Invest. It also provides tips for researching prospective donors, tailoring proposals to specific funders, and increasing the likelihood of a successful fundraising request. The overall message is that thorough preparation, research, and customization are key to turning fundraising suspects into prospects.
This document discusses lawyers embracing an entrepreneurial approach. It suggests that traditional law practice models are breaking down, forcing lawyers to change. Lawyers are encouraged to define their values, find a niche by serving specific clients, and use modern tools like technology, virtual assistants, and alternative billing to create the practice they want. Paying attention to opportunities allows lawyers to accept responsibility for change and control over their work.
El documento habla sobre el marketing mix y sus elementos. El marketing mix incluye las 4 P's: Producto, Precio, Promoción y Plaza. El documento fue realizado por un estudiante como trabajo de marketing para su curso y analiza conceptos clave del marketing mix como las necesidades, deseos, estrategias de posicionamiento, segmentación y cuantificación del mercado.
This document outlines the next assignment for a video production class, which is to create a "How To" demonstration video in groups of two. Students must write a proposal and script, shoot footage that clearly teaches the audience how to do something, and edit a 2 minute video. The final video and script are due on April 30th. The document provides tips for a successful How To video, such as planning steps, shooting multiple takes, and keeping the demonstration simple and visual.
5 credit secrets revealed on getting approved for financing powerpointDane Wilson
This document reveals secrets for getting approved for financing with challenged credit. It discusses what credit scores and histories mortgage, auto, and other lenders typically require. The key tips are to dispute negative items on your credit report to have them removed, and to add new positive credit accounts to show re-established credit and increase credit limits available. Following these steps can boost your credit scores into the range needed to qualify for loans by deleting negative information and building positive payment histories over time.
Webinar presented in Jan \'09 by Direct Response Solutions explores current trends in annual giving and examines ways to meet the challenges annual programs are facing in 2009.
The document provides guidance on effective fundraising strategies and techniques. It outlines the five "I's of Fundraising": Investigate, Inform, Interest, Involve, and Invest. It also provides tips for researching prospective donors, tailoring proposals to specific funders, and increasing the likelihood of a successful fundraising request. The overall message is that thorough preparation, research, and customization are key to turning fundraising suspects into prospects.
This document discusses lawyers embracing an entrepreneurial approach. It suggests that traditional law practice models are breaking down, forcing lawyers to change. Lawyers are encouraged to define their values, find a niche by serving specific clients, and use modern tools like technology, virtual assistants, and alternative billing to create the practice they want. Paying attention to opportunities allows lawyers to accept responsibility for change and control over their work.
El documento habla sobre el marketing mix y sus elementos. El marketing mix incluye las 4 P's: Producto, Precio, Promoción y Plaza. El documento fue realizado por un estudiante como trabajo de marketing para su curso y analiza conceptos clave del marketing mix como las necesidades, deseos, estrategias de posicionamiento, segmentación y cuantificación del mercado.
This document outlines the next assignment for a video production class, which is to create a "How To" demonstration video in groups of two. Students must write a proposal and script, shoot footage that clearly teaches the audience how to do something, and edit a 2 minute video. The final video and script are due on April 30th. The document provides tips for a successful How To video, such as planning steps, shooting multiple takes, and keeping the demonstration simple and visual.
1. A reverse mortgage allows homeowners aged 62 and older to convert their home equity into tax-free cash without making monthly payments. The loan does not need to be repaid as long as the homeowner lives in the property as their primary residence.
2. Homeowners have flexibility in how they receive the loan proceeds, which can be used for any purpose. They retain ownership of their home and the lender cannot force a sale of the property.
3. A reverse mortgage has costs and fees, but it enables older homeowners to access equity in their home to supplement their retirement income or pay for other expenses.
1. A reverse mortgage allows homeowners aged 62 and older to convert their home equity into tax-free cash without making monthly payments. The loan does not need to be repaid as long as the homeowner lives in the property as their primary residence.
2. Homeowners have flexibility in how they receive the loan proceeds, which can be used for any purpose. They retain ownership of their home and the lender cannot force a sale of the property.
3. A reverse mortgage has costs and fees, but it enables older homeowners to access equity in their home to supplement their retirement income or pay for other expenses.
Reverse Mortgage Overview Greg Mc Dermott 9 09ReverseSage
A reverse mortgage allows homeowners aged 62 and older to convert their home equity into tax-free cash by taking out a loan against their home. Unlike a traditional mortgage, no repayment is required as long as the homeowner lives in the property as their primary residence. The loan proceeds can be used for any purpose and do not affect Social Security or Medicare benefits. As long as all program requirements are met, including maintaining the property and paying taxes/insurance, the homeowner retains ownership of their home and cannot owe more than its value.
Want to buy a home in Maryland, PA or WV but have little money? Check out the USDA Loan. You do NOT need to be a 1st time home buyer. Loan is based on location of the property & max income limits. We cover all the basic guidelines here but to obtain a FREE pre-approval you will need to contact us at challjr@monarchmtg.com or www.monarchbank.com/chall
The document provides an overview of FHA mortgage products and guidelines presented by Steve Hankla. It discusses FHA fixed rate and ARM products offered by Envision Lending Group, guidelines on eligible borrowers, properties, down payments, debt-to-income ratios, credit evaluation, and appraisal processes. It also describes the FHA Streamline refinance product and the newer FHA Secure product for borrowers facing payment shock from an ARM reset.
1) The document discusses reverse mortgages, which allow homeowners aged 62+ to convert equity in their home into tax-free funds without having to sell their home or make monthly payments.
2) Wells Fargo is a leading provider of reverse mortgages, offering flexible payment options like lump sums, monthly payments, or lines of credit.
3) Reverse mortgages only need to be repaid when the homeowner dies or moves out permanently, and the homeowner retains ownership and title to their home.
- A reverse mortgage allows homeowners aged 62 or older to convert their home equity into tax-free cash without making monthly payments. The lender pays the homeowner instead through options like lump sums, monthly payments, or a line of credit.
- Borrowers retain ownership of their home and cannot owe more than its value. They must continue living there as their primary residence and pay taxes/insurance. The loan is repaid when the last borrower dies, sells the home, or fails to meet obligations.
- The amount borrowers can access depends on their age, home value, interest rates, and lending limits. They have flexibility to use funds for any purpose like eliminating debt or home improvements.
Buying a home after Short Sale, Foreclosure or BankruptcyShashank Shekhar
Find out how you can qualify for a mortgage and buy a house after you have had a Short Sale, Foreclosure or Bankruptcy (Chapter 7 and Chapter 13). The slides talk about Conventional (Conforming) and FHA loans eligibility criteria after Short Sale, Foreclosure and Bankruptcy.
This document provides an overview of reverse mortgages, including what they are, why someone may want one, eligibility requirements, how much can be borrowed, payment options, interest rates, the loan repayment process, and the steps involved in getting a reverse mortgage. Key points include:
- A reverse mortgage allows homeowners aged 62+ to borrow against the equity in their home and receive payments instead of making them.
- Funds can be used for any purpose and are not considered income for programs like Social Security.
- Maximum loan amounts depend on the home value, age of borrowers, and interest rate.
- Borrowers have options to receive funds as a lump sum, monthly payments, line
Getting pre-approved for a mortgage loan is one of the easiest ways to make the first-time homebuyer process simpler. Even if you're an experience buyer, pre-approval can speed up the mortgage process and get you in a home sooner. Essentially, you know exactly what you can afford and sellers know you have funding at your disposal.
So what do you need to get pre-approved? This guide from New American Funding, a national mortgage banker, tells you the 5 things you'll need for a pre-approval. Happy shopping!
The document provides tips for realtors and builders on using a Home Equity Conversion Mortgage (HECM) for Purchase to help sell more homes. A HECM for Purchase allows homeowners aged 62+ to use the equity in their current home to purchase a new home, financing the remainder. This increases their purchasing power without monthly mortgage payments. It can help realtors and builders sell more homes at higher prices, capture new customers who want to upgrade without large monthly payments, and differentiate themselves in the market by offering this program. They should discuss the benefits of a HECM for Purchase with potential customers aged 62+ to increase financial freedom and ability to purchase a home.
The document discusses reverse mortgages and a new FHA program that allows seniors aged 62 and older to purchase a new home using the equity from the sale of their previous home. With a reverse mortgage purchase, homeowners make a single down payment on the new home and are not required to make monthly mortgage payments. The program is designed to help seniors relocate to homes that better suit their needs and be closer to family. It outlines eligibility requirements, benefits, and answers common questions about how the reverse mortgage purchase process works.
The document provides information about reverse mortgages through American Pacific Mortgage. It discusses key benefits like eliminating monthly mortgage payments and providing a line of credit or supplemental income. It outlines the qualification process and payment options. Client testimonials praise the company for their professionalism, thorough explanations, and for making the process seamless.
The document provides information on FHA loan guidelines including eligibility requirements, purchase limits, credit requirements, and other program details. Key points include:
- Anyone with a social security number who will occupy the home as their primary residence can qualify for an FHA loan.
- Borrowers can finance up to 97.75% of the purchase price with a minimum down payment of 3.5% and debt-to-income ratios not exceeding 31% and 43%.
- Credit requirements are flexible, requiring three credit references from the last 12 months and a minimum credit score of 600.
Sharon 2013 first home buyer presentation sharon andrewsSharon Andrews
The document is a presentation for first-time homebuyers that covers:
1) Choosing the right mortgage program that fits one's budget, lifestyle, and goals;
2) The benefits of buying a home over renting such as building equity; and
3) A three-step process for beginning the home buying process including getting pre-approved, choosing experts for a "home team", and learning about the process.
The document discusses shopping for mortgage rates and provides tips for comparing rates. It explains that mortgage rates are based on mortgage-backed securities and impacted by factors like credit scores, loan-to-value ratios, and macroeconomic news. Borrowers are advised to get rate quotes with the same closing costs to compare apples-to-apples and to consider reputation, turnaround times, and accessibility when choosing a lender.
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1. A reverse mortgage allows homeowners aged 62 and older to convert their home equity into tax-free cash without making monthly payments. The loan does not need to be repaid as long as the homeowner lives in the property as their primary residence.
2. Homeowners have flexibility in how they receive the loan proceeds, which can be used for any purpose. They retain ownership of their home and the lender cannot force a sale of the property.
3. A reverse mortgage has costs and fees, but it enables older homeowners to access equity in their home to supplement their retirement income or pay for other expenses.
1. A reverse mortgage allows homeowners aged 62 and older to convert their home equity into tax-free cash without making monthly payments. The loan does not need to be repaid as long as the homeowner lives in the property as their primary residence.
2. Homeowners have flexibility in how they receive the loan proceeds, which can be used for any purpose. They retain ownership of their home and the lender cannot force a sale of the property.
3. A reverse mortgage has costs and fees, but it enables older homeowners to access equity in their home to supplement their retirement income or pay for other expenses.
Reverse Mortgage Overview Greg Mc Dermott 9 09ReverseSage
A reverse mortgage allows homeowners aged 62 and older to convert their home equity into tax-free cash by taking out a loan against their home. Unlike a traditional mortgage, no repayment is required as long as the homeowner lives in the property as their primary residence. The loan proceeds can be used for any purpose and do not affect Social Security or Medicare benefits. As long as all program requirements are met, including maintaining the property and paying taxes/insurance, the homeowner retains ownership of their home and cannot owe more than its value.
Want to buy a home in Maryland, PA or WV but have little money? Check out the USDA Loan. You do NOT need to be a 1st time home buyer. Loan is based on location of the property & max income limits. We cover all the basic guidelines here but to obtain a FREE pre-approval you will need to contact us at challjr@monarchmtg.com or www.monarchbank.com/chall
The document provides an overview of FHA mortgage products and guidelines presented by Steve Hankla. It discusses FHA fixed rate and ARM products offered by Envision Lending Group, guidelines on eligible borrowers, properties, down payments, debt-to-income ratios, credit evaluation, and appraisal processes. It also describes the FHA Streamline refinance product and the newer FHA Secure product for borrowers facing payment shock from an ARM reset.
1) The document discusses reverse mortgages, which allow homeowners aged 62+ to convert equity in their home into tax-free funds without having to sell their home or make monthly payments.
2) Wells Fargo is a leading provider of reverse mortgages, offering flexible payment options like lump sums, monthly payments, or lines of credit.
3) Reverse mortgages only need to be repaid when the homeowner dies or moves out permanently, and the homeowner retains ownership and title to their home.
- A reverse mortgage allows homeowners aged 62 or older to convert their home equity into tax-free cash without making monthly payments. The lender pays the homeowner instead through options like lump sums, monthly payments, or a line of credit.
- Borrowers retain ownership of their home and cannot owe more than its value. They must continue living there as their primary residence and pay taxes/insurance. The loan is repaid when the last borrower dies, sells the home, or fails to meet obligations.
- The amount borrowers can access depends on their age, home value, interest rates, and lending limits. They have flexibility to use funds for any purpose like eliminating debt or home improvements.
Buying a home after Short Sale, Foreclosure or BankruptcyShashank Shekhar
Find out how you can qualify for a mortgage and buy a house after you have had a Short Sale, Foreclosure or Bankruptcy (Chapter 7 and Chapter 13). The slides talk about Conventional (Conforming) and FHA loans eligibility criteria after Short Sale, Foreclosure and Bankruptcy.
This document provides an overview of reverse mortgages, including what they are, why someone may want one, eligibility requirements, how much can be borrowed, payment options, interest rates, the loan repayment process, and the steps involved in getting a reverse mortgage. Key points include:
- A reverse mortgage allows homeowners aged 62+ to borrow against the equity in their home and receive payments instead of making them.
- Funds can be used for any purpose and are not considered income for programs like Social Security.
- Maximum loan amounts depend on the home value, age of borrowers, and interest rate.
- Borrowers have options to receive funds as a lump sum, monthly payments, line
Getting pre-approved for a mortgage loan is one of the easiest ways to make the first-time homebuyer process simpler. Even if you're an experience buyer, pre-approval can speed up the mortgage process and get you in a home sooner. Essentially, you know exactly what you can afford and sellers know you have funding at your disposal.
So what do you need to get pre-approved? This guide from New American Funding, a national mortgage banker, tells you the 5 things you'll need for a pre-approval. Happy shopping!
The document provides tips for realtors and builders on using a Home Equity Conversion Mortgage (HECM) for Purchase to help sell more homes. A HECM for Purchase allows homeowners aged 62+ to use the equity in their current home to purchase a new home, financing the remainder. This increases their purchasing power without monthly mortgage payments. It can help realtors and builders sell more homes at higher prices, capture new customers who want to upgrade without large monthly payments, and differentiate themselves in the market by offering this program. They should discuss the benefits of a HECM for Purchase with potential customers aged 62+ to increase financial freedom and ability to purchase a home.
The document discusses reverse mortgages and a new FHA program that allows seniors aged 62 and older to purchase a new home using the equity from the sale of their previous home. With a reverse mortgage purchase, homeowners make a single down payment on the new home and are not required to make monthly mortgage payments. The program is designed to help seniors relocate to homes that better suit their needs and be closer to family. It outlines eligibility requirements, benefits, and answers common questions about how the reverse mortgage purchase process works.
The document provides information about reverse mortgages through American Pacific Mortgage. It discusses key benefits like eliminating monthly mortgage payments and providing a line of credit or supplemental income. It outlines the qualification process and payment options. Client testimonials praise the company for their professionalism, thorough explanations, and for making the process seamless.
The document provides information on FHA loan guidelines including eligibility requirements, purchase limits, credit requirements, and other program details. Key points include:
- Anyone with a social security number who will occupy the home as their primary residence can qualify for an FHA loan.
- Borrowers can finance up to 97.75% of the purchase price with a minimum down payment of 3.5% and debt-to-income ratios not exceeding 31% and 43%.
- Credit requirements are flexible, requiring three credit references from the last 12 months and a minimum credit score of 600.
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The document is a presentation for first-time homebuyers that covers:
1) Choosing the right mortgage program that fits one's budget, lifestyle, and goals;
2) The benefits of buying a home over renting such as building equity; and
3) A three-step process for beginning the home buying process including getting pre-approved, choosing experts for a "home team", and learning about the process.
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Buy a home 1 year after short sale, bankruptcy or foreclosure
1. Buy a Home One Year After Short-
sale, Bankruptcy or Foreclosure
Shashank Shekhar
CEO, Arcus Lending
2. About Arcus Lending
• Arcus Lending is Mortgage Lender based in San Jose,
California
• Products Offered: Residential Mortgages- FHA,
Conventional, VA, 203K, HARP, HomePath, Reverse
Mortgage, CHDAP, 80/10/10
• Geography Served: California, Washington and
Oregon
• What are they known for: Legendary customer
service, quick closing and rates that are consistently
better than the leading banks
3. Ab About Shashank Shekhar
• Shashank Shekhar is the Founder and CEO of Arcus
Lending
• Amazon.com Best-selling Author and “Top 40 under
40 Mortgage Professional” 2 years in a row
• National speaker, and a blogger who is frequently
tapped for his expertise by various national and local
media including FOX, CBS, ABC and NBC
4. • The information contained within this document
is for educational purposes only. Every attempt
has been made to provide accurate, up to date,
reliable and complete information. No
warranties of any kind are expressed or implied.
Readers acknowledge that the author is not
engaging in rendering legal, financial or
professional advice.
Disclaimer
5. Agenda
• What is the “Back to Work” loan?
• How can you qualify?
• When can you apply?
• Can you use it for purchase and refinance?
• How can you get the loan?
6. What is the “Back to Work” Loan
• If you had a Foreclosure, Bankruptcy, Short Sale or a
Deed in-lieu – you may now be able to qualify for a
mortgage to buy a home one year after that incident
• Federal Housing Administration (FHA) recently
announced “Back to Work” loan program that would
help some borrowers to buy a home quicker than
earlier imposed waiting restrictions
7. How can you qualify?
You may be eligible for an FHA insured mortgage if:
• You can document that the delinquencies and/or
indications of derogatory credit are the result of an
Economic Event - An Economic Event is any
occurrence beyond the borrower’s control that
resulted in Loss of Employment, Loss of Income, or a
combination of both, which caused a reduction in
the borrower’s Household Income of twenty (20)
percent or more for a period of at least six (6)
months.
8. • You have re-established credit- Your credit history
should be clear of late housing or installment debt
payments, and major derogatory credit issues on
revolving accounts.
– If there are any open mortgages, it should be current and
shows twelve (12) months satisfactory payment history.
– No history of delinquency on rental housing payments; and
No more than one thirty (30) days delinquency on
payments due to other creditors;
– And No collection accounts/court records reporting (other
than medical and/or identity theft).
How can you qualify?
9. • You have completed satisfactory Housing
Counseling - You need to receive at a minimum, one
hour of one-on-one counseling from HUD-approved
housing counseling agencies.
– The counseling must address the cause of the economic
event and the actions taken to overcome the economic
event and reduce the likelihood of reoccurrence.
– Counseling must be completed a minimum of thirty (30)
days but no more than six (6) months prior to submitting a
loan application to us.
– A list of counseling agencies can be found online
at www.HUD.gov or by calling 1-800-569-4287
How can you qualify?
10. How can you qualify?
• Meet all other FHA Loan requirements – You still
need to meet all standard requirements for
qualifying for an FHA loan. To check the
requirements call us at 408.615.0655
11. When can you apply?
• The program is in effect from now till September
30, 2016
12. Can it be used for Purchase and Refinance?
• This new loan program is available only if you are
buying a new home.
• For refinancing, you need to follow the standard
waiting period. To find the details for waiting period
for FHA, Conforming and VA loans call 408.615.0655
or email info@ArcusLending.com
13. How can you get the loan?
• Call (408) 615 0655
• Email: Info@ArcusLending.com
• Website: www.ArcusLending.com
• Blog: www.LendingExpertBlog.com
• FaceBook: www.facebook.com/ArcusLending
Licensing Info:
Arcus Lending Inc, NMLS ID 1035734 and CA BRE #01857474
Shashank Shekhar NMLS ID 8176