Purchase a home 1 day after a foreclosure, short-sale, or BK.
Caliber Fresh Start Program: Buying After Bankruptcy, Short Sale and Foreclosure
How would it be possible to buy a home one day after foreclosure, short sale or bankruptcy? The loan product we’re referring to in the video above is the Fresh Start program from Caliber Home Loans. Although not all applicants will qualify, Fresh Start is an option that real estate agents can suggest to prospective home buyers with credit challenges. A licensed mortgage lender can then determine whether the borrower in question qualifies for the loan.
What is the Caliber Fresh Start Program?
Designed to assist borrowers who may not qualify for traditional financing, Fresh Start is part of the Caliber Home Loans Portfolio Lending Suite. It may be suited for borrowers who have recently:
- Lost a home to foreclosure or deed-in-lieu
- Sold a home in a short sale
- Declared bankruptcy
Unlike traditional home loan products, Fresh Start does not require “seasoning” (a minimum waiting period) after these derogatory credit events. Provided that borrowers meet the other program requirements, they may be able to purchase a home as quickly as one day after foreclosure.
Caliber Fresh Start Program: Who Might Qualify?
So, what are those other requirements? According to Caliber Home Loans, borrowers who utilize the Fresh Start loan must:
- Provide proof of documented income
- Have a minimum credit score of 580
- Be able to make a minimum down payment of 15%
- Have completed the derogatory credit event in question*
*Whether the borrower’s derogatory credit event is foreclosure, deed-in-lieu, short sale or bankruptcy, it must be completed prior to applying for the Fresh Start loan program.
Caliber Fresh Start Program: What Can be Financed?
For borrowers who qualify, the Caliber Fresh Start program can be used to finance:
- Single family residences
- Co-op residences
- Two-to-four unit properties
- Planned Unit Development (PUD) properties
Loan amounts for this product range from $100,000 to $1 million, and both fixed- and adjustable-rate mortgages (ARMs) are available. To learn more, contact www.ChrisAndLee.com – and if you are a licensed loan officer in California interested in Wholesale Capital Corporation, learn more about WCC at www.WCCloans.com.