Qualifications

The qualification process for the Fresh Start program takes approximately two weeks to review.  The application is sent to a 3rd party lender who will review employment history, income levels, and your ability to obtain financing in three to five years.  (FICO scores are not used in the approval process)

Employment

Applicants will need to show a stable job history with a minimum of 2 years with their current employer

Income

A gross monthly income after all monthly debt obligations will typically need to be a minimum of $3,300/month.  Allowable income includes: Social Security; Retirement Income; Permanent Disability; Income received from salaried Position; Self-employment income (Net income after all deductions will be used); and Child Support (with documentation the support has been received for a minimum of 12 months and will continue for 7 years).  Non-Allowable Income:  Unemployment and Temporary Disability.

Credit Approval Criteria

A history of good standing credit leading up to your hardship.  If you are in the process or have been through a Chapter 7 bankruptcy, foreclosure or short sale you may still qualify for this program.  A Chapter 13 bankruptcy is acceptable only if it has been discharged.  If there are late payments that occurred during your hardship you may also qualify for this program.  Late payments that occurred outside of the hardship period will need to be minimal and have an acceptable explanation.

Factors that May Prevent Program Approval

Late payments or collections that occurred after the hardship period or a history of late payments with no hardship and no previous ownership of a home.  If you are in the process of a Chapter 13 bankruptcy or consumer credit counseling they will need to be completed and discharged before applying for the program.