On August 15, 2013 the Federal Housing Administration announced a new option for Borrowers that had a serious economic event happen to them during the recent recession. The FHA defines a Economic event as either a loss of income greater than or equal to 20% or Loss of employment for at least 6 months that eventually led to either a Foreclosure, BK, Deed and lieu, Modification, or Short sale.
How do I prove a loss of 20%? Tax returns, W2s or Verification of Employment during and prior to … (0 comments)
The answer is yes. The Federal Housing Administration recently released published guidelines that allow for waiting periods to be reduced from 2 years after a short sale and bankruptcy and 3 years on Foreclosure to 1 year under Extenuating Circumstances caused by the Recession such as Job loss or Reduction of income of at least 20% for at least six months prior to the event.
This program will be available through some approved Fha Lenders and the borrower must meet all the standard FHA guidelines; 1. Down … (2 comments)
FHA LOWERS THE BAR- 1 YEAR AFTER-FORECLOSURE, BK, AND SHORT SALE
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