Mortgage Forbearance
To be eligible for a mortgage you would need to
- Complete a Forbearance Plan on any mortgage granted a forbearance
- Make the following payments below, based on the loan program, after you’ve exited your forbearance
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(657) 600 – 6909
Non-Prime loans have the option to refinance without having to make 3 consecutive payments after a Forbearance.
Forbearance is a temporary postponement of loan payments granted by a lender instead of forcing the borrower into foreclosure or default. The terms of this agreement are negotiated between the borrower and the lender. The borrower must demonstrate the need for postponing payments, such as financial difficulties brought on by a major illness or the loss of a job. Mortgagors whose loans are backed by government programs and are affected by COVID-19 may qualify for relief.
Which Loan Programs Would Work Best for you After a Forbearance?
| Loan Types | Mortgage Payments Since Completing Forbearance Plan | Typical Minimum Credit Scores |
|---|---|---|
| Long Term Rental | 0 | 575 |
| Conventional | 3 | 620 |
| Fix and Flip | 640 | 1 year out of Bankruptcy or better |
| Construction – Ground Up | 680 | 2 years |
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Contact Us
(657) 600 – 6909