We are now accepting Conventional Mortgages, where the borrower had a short sale or deed in lieu under the following parameters.
1) Cannot have a filed foreclosure or Lis Pendens. Neither can appear on a credit report.
2) Prior to the short sale of deed in lieu, no 30 day late mortgage payments.
3) Need a short sale or deed in lieu agreement.
4) Minimum credit score 640 and all overall credit must be good.
5) 80% LTV if 2 years since completion from recorded deed date.
6) 90% LTV if 4 years since completion from recorded deed date.
The criteria above are less restrictive than existing Fannie and Freddie guidelines. We have these loans available in CT, MA, RI, VT, NH, ME, and FL.