Just as a disclaimer and for the record, I have some mixed feelings about this...however, if you are a Golden 1 Credit Union member, they are offering a home loan program for folks who have been foreclosed upon.
To qualify for a "Mortgage Repair Loan", the foreclosure, short-sale, or deed-in-lieu must have occurred 6-18 months prior to loan application. I spoke at length with a Golden 1 Loan Officer about this today, and there are several requirements:
-Golden 1 Member with Direct Deposit
-Minimum 600 FICO
-Owner Occupied
-Maximum 80% LTV
-Borrow up to $417,000
-1.5% Delivery Fee
-45% Max DTI
-No more than two 30-day late payments in the last 6 months
-Proof that foreclosed loan was an ARM, Interest Only, or Negative Amortization
-Full documentation - will not accept self-employed folks regardless of income on IRS tax returns
-Gift funds acceptable
-Monthly Payments made via monthly EFT
-Borrower must attend debt counseling classes
-No 2nd mortgage or HELOC allowed for 2 years
If you want more information about this, you can call or email me and I will put you in touch with a Golden 1 loan officer.
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