Second Chance for Foreclosed Home Owners
Still, potential borrowers must show they can meet all other FHA requirements and that they are no longer financially constrained. Borrowers also will have to undergo housing counseling and FHA is requiring lenders to verify that at least a year has passed since the foreclosure or “economic event” that caused the foreclosure or bankruptcy.
“FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage,” according to the letter FHA sent to lenders.
- A Second Chance for Foreclosed Home Owners (myexquisiterealestateblog.wordpress.com)
- FHA Cuts Waiting Time for Bankrupt, Foreclosed Borrowers (broadcastarchives.net)
- FHA: Foreclosure One Year Ago? No Problem! (seattlebubble.com)
- Has It Been A Year Since You Filed For Bankruptcy? Then This Mortgage Is For You (zerohedge.com)
- FHA cuts mortgage wait times after hard times (phyllisgraveswhiteteam.wordpress.com)
- FHA Trims Waiting Period for Borrowers Who Experienced Foreclosure (jeffmertlrealestate.wordpress.com)
- FHA cuts mortgage wait times after hard times (chrisberthelson.wordpress.com)