HUD has recently made changes allowing homeowners to qualify for FHA loans when buying homes that have been foreclosed, returned to lender (deed in lieu of foreclosure), AKA REO properties. REO stands for Real Estate Owned, which are essentially Bank Owned Repos. Outdated regulations from HUD to prohibit property flipping and false price appreciation made it difficult for banks to sell recently foreclosed properties due to a HUD rule which prohibited the use of a FHA loan to purchase a home that had not been owned by the seller for atleast 90 days. This has now been lifted until June 2009.
This will allow homeowners to qualify for FHA loans to purchase the numerous bargain priced REO or Bank Owned properties coming to market. We are here to help.
We can help you get the home of your dreams with a Safe, Secure, Affordable FHA loan. Call us at 866-435-6553 toll free to get details and achieve your dream of owning a beautiful new home. NorStar Mortgage Group is a Full Eagle Direct Endorsement FHA Direct Lender. We have years in business Lending FHA loans direct to consumers. Call the experts.
We serve the following areas for FHA and Conventional loans: Louisiana, Baton Rouge, New Orleans, Shreveport, Monroe, Lafayette, Alexandria, Monroe, Alabama, Mobile, Birmingham, Tuscaloosa, Hoover, Dothan, Auburn, Anniston, Montgomery, Tennessee, Nashville, Knoxville, Union City, Springfield, Sevierville, Murfreesboro, Memphis.
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