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Second Chance Mortgage Program Arizona

Second Chance Home Loans is a true second chance mortgage program offered by Starboard Financial. It is available to people in the Phoenix area or anywhere in the state of Arizona who have gone through a short sale or foreclosure.

If you have gone through a short sale, foreclosure, or bankruptcy lately, Second Chance Home Loans make home ownership possible in less time than you would have imagined.

Requirements for the Second Chance Mortgage Program

  • Debt to income ratio – You must have a debt to income ratio of less than 50%. That means your overall monthly debt must be less than 50% of your provable monthly income.
  • Down payment – You must have a 25% down payment on your new home. If you have some persuasive reason why you do not have the 25% down payment you may still qualify for the program.
  • Detailed letter of explanation – You will need a letter explaining your current situation and the circumstances leading up to it.
  • Income documentation – You must provide the last 2 years of your W-2s, the last 2 years of the complete signed copies of your 1040 tax returns, and your two most recent pay stubs.
  • FICO score – There is no minimum FICO score to qualify for the program.

If you have financially recovered from your situation and want to own a home before the standard wait periods specified by FHA, VA, Fannie Mae, or Freddie Mac, this Arizona second chance program may be for you.

To see if you can qualify for a second chance mortgage in Arizona please fill out the brief form below. Loan Officer: Dale Stouffer NMLS: 365609, BK-0910725.

This program is for buying a home soon after a short sale, foreclosure, or bankruptcy for those who qualify.

  • Please list type of debt, eg. student loans, credit card loans, car loans.
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