Phoenix AZ – March 2012 – Second Chance Home Loans for those who have gone through a short sale, foreclosure, or bankruptcy make home ownership possible just weeks after you have sold or lost your home.
If you have gone through a short sale or a foreclosure in the Phoenix area, or anywhere in the state of Arizona, there is a loan – a second chance mortgage program – available that offers a second chance at home ownership.
Second Chance Mortgage Program Requirements
- You must have sufficient income – you must have a debt to income ratio of less than 50% – meaning your overall monthly debt compared to your provable monthly income must be less than 50%.
- You must have money for down payment – in order to get this mortgage program you must have 25% down payment. If you have less than this but have some compelling reasons you may qualify so it is worth checking out the program.
- FICO score – not applicable – there are no minimum FICO score problems as with most loan programs.
- Detailed letter of explanation – you need to explain your current situation and what happened that led you to your current situation.
- Income documentation – you will need to provide your last two years of W-2’s, last 2 years of 1040 tax returns (full signed copies), and your two most recent pay stubs.
If you have questions about this second chance loan program, please contact Dale Stouffer at Get Second Chance Loan Arizona. If you have recovered from your situation and want to own a home before the standard wait periods after short sale, foreclosure, or bankruptcy as specified by FHA/VA/Fannie Mae/Freddie Mac it is worth checking out this true second chance loan program in Arizona. Use the form below to see if this second chance loan is for you.