fha guidelines: FHA Announcement Brings New Opportunity to Boomerang Buyers in Berkeley - 08/23/13 03:54 AM
Great News for Boomerang Buyers!
According to new Mortgagee Letter 2013-26, HUD announced:
As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage payments, and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file for bankruptcy to discharge or restructure their debts. Because of these recent recession-related periods of financial difficulty, borrowers’ credit has been negatively affected. FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or … (1 comments)