Foreclosure or Short Sale over 12 months ago? Now you can purchase again!

We are excited to announce that we will be offering the much anticipated FHA Mortgage program that will allow borrowers who have had a foreclosure or short sale over 12 months ago to re-purchase a home. Previously, the guideline on this was 3 years from the short sale or finalized foreclosure date.

The borrowers must be able to prove that the foreclosure or short sale was due to an economic loss which is classified as loss of employment or reduction of household income (20%) for at least 6 months. They must be able to prove that they have recovered from that loss and can show 12 months of current housing and credit history. They must also have obtained 640 credit scores, have acceptable debt to income ratios per program guidelines and take a homeownership counseling class online.

This is very exciting for those people that have been able to get back on their feet and get back to work. If you or someone you know would benefit from this program please let me know and I can help get you qualified or answer any questions. We know very few lenders are actually going to participate with this program so we at Republic Mortgage Home Loans are very excited to be one of the first to offer it and help borrowers that want to become home owners again. Feel free to call me at (815) 621-9888 or email me at with any questions.

Mike Scalise NMLS #207383

Branch Manager/ Senior Mortgage Loan Officer

(815) 621-9888

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