Defaulted on a home in the last 3 year? We Can Help!
If you’ve had a foreclosure, short sale, or given a home back to the bank via deed in lieu in the last 3 years, you may not think that you can qualify to buy a home for another 3 to 7 years. However, we have multiple options in place, such as our 1 day after foreclosure loan, that can give you get the chance to buy a home of your own again immediately…
The Expanded Criteria Home Loan by BANC Home Loans is designed to allow home buyers with less than perfect credit score buy and own a home 1 day after any kind of home loan defaults and It helps pave the way for people who have a strong income and down payment, but do not have a strong credit score to qualify for a traditional loan and removes all waiting periods. These are typically people who have had to deal with a short sale, deed in lieu, foreclosure, or bankruptcy in the past. The specialty Expanded Criteria Program allows these people to qualify for a home that they would no traditionally be able to qualify for.
In order to qualify for the Expanded Criteria Program, you have to be trying to purchase a home as your primary residence, and have primary homeownership experience. You must also have a minimum FICO credit score of 660.
There are specific other guidelines that must be followed to qualify for the Expanded Criteria Program, including:
- At least a 2 year dismissal since the last bankruptcy.
- Mortgage lates are acceptable.
- Maximum loan to value of 80 percent (20% down)
- Maximum debt to income ratio or 43 percent.
- No lender points available.
- Conventional Rates making this superior to hard or private money.
If you would like to see if you qualify please visit our page here scroll down to the life after foreclosure segment and take our pass fail test and get an immediate response.
For more information on if you can qualify for the Expanded Criteria Program, contact Brandon Roberts in Murrieta, California. With over 18 years of experience in nontraditional mortgages and jumbo loans, I will work with you to ensure that you are able to purchase again the home of your dreams, no matter what your specific situation is.