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Herzer Financial Services, Inc. will consider the financing of an owner-occupied home purchase after a recent borrower foreclosure or short sale on a case-by-case basis. While we will not be so strict in considering current FICO scores, we want to see that the borrower incurred a one-time event and/or incurred financial difficulty within a confined timeframe. Recent bankruptcies will be considered within this scenario, however a borrower with a long history of credit abuse will most likely not qualify.
Seller carrybacks and other junior financing may be permitted concurrently with a new Herzer first loan. In the case of the seller carryback, the minimum down payment from the borrower is 20%.
We want to see the same borrower profile in the case of a foreclosure bailout.