fha: ONE YEAR Waiting Period For FHA Loans After Short Sales
- 11/21/13 01:51 AM
The FHA recently changed its post foreclosure and post short sale waiting period from three years to one year for eligible borrowers. Their new "Back To Work-Extenuating Circumstances Program" reduces the waiting period for people who had a foreclosure or completed a short sale or deed in lieu of foreclosure during the recession as a result of a decrease or loss of income. Prior to the introduction of the program, FHA had a three year waiting period after a foreclosure, short sale, or deed in lieu of foreclosure, and a two year waiting period after a Chapter 7 or Chapter 13 … (0 comments)
fha: Would You Give A Loan To This Buyer?
- 02/06/10 09:50 AM
Consider this scenario: You paid off your house a few years ago now you’re selling it for $300,000. You figure that you would make a better return on your money by offering owner financing instead of cashing out and investing the money somewhere else. This is a big part of your retirement, so it’s a very important investment decision. A buyer is willing to pay your asking price of $300,000. Here’s a snapshot of the buyer’s situation: The buyer can only give you $11,000 down. The down payment is part of a $17,000 gift received from the buyer’s parents, the remainder … (0 comments)
The FHA recently changed its post foreclosure and post short sale waiting period from three years to one year for eligible borrowers. Their new "Back To Work-Extenuating Circumstances Program" reduces the waiting period for people who had a foreclosure or completed a short sale or deed in lieu of foreclosure during the recession as a result of a decrease or loss of income.
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