Homeowners who meet the minimum criteria below are eligible for HERO Financing. Specific eligibility requirements for residential properties include the following:
- All mortgage-related debt must not exceed 90% of the value of the property.
- Mortgage payments must be current at the time of application, and property owner(s) must not have had more than (1) 30-day mortgage late payment over the past twelve months.
- Property taxes must be current and there must be no more than one late payment in the past three years.
- No outstanding involuntary liens, such as tax liens or mechanic’s liens.
- Property owner(s) must not have had any active bankruptcies within the last seven years, and the Property must not be an asset in an active bankruptcy. However, if a bankruptcy was discharged between two and seven years prior, and the property owner(s) have not had any additional late payments more than 60 days past due in the last 24 months, the property owner may be approved.
- Mobile homes must be permanently attached to the property and the owner of the underlying property must be the applicant and be subject to real property taxes
For more information, please go to www.heroprogram.com.
Categories: Eligibility, Financing