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Be Very Careful What You Say About FHA Foreclosures
In a Letter dated December 18, 2012, Acting Assistant Secretary for Housing - Federal Housing Commissioner, Carol J. Galante address four topics of concern for FHA.  On Saturday I covered the first topic that she coverd her letter FHA Clarifies Their Guidelines On Applying The 43% Debt-To-Income Ratio.  In this blog I will cover the forth topic that Galante addressed in her letter.  In the forth topic Galante expressed concern about Lenders who maybe understating the FHA Guideline on the waiting period after a Foreclosure.  In reading Galante's letter I take Galante's statement more of a warning to Lenders to "Be Very Careful What You Say About FHA Foreclosures" than a concern.
Galante's warning is to important in my opinion to summarize so I am going to quote it in it's entirety below:
"Access to FHA Loans After a Foreclosure:  Borrowers are able to access FHA -insured financing three years after they have experienced a foreclosure only if they have re-established good credit and qualify for an FHA loan in accordance with the fully documented underwriting requirements for any FHA-insured mortgage origination.  FHA is concerned that a few lender are inappropriately advertising and soliciting borrowers with false pretense that they can ... more

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