CAN I GET A MORTGAGE 1 YEAR AFTER A SHORT SALE, BK, OR FORECLOSURE?
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 Payment of at least 3.5% down
2. Standard documentation of income and assets
3. Borrower must participate in Approved Counseling Program
4. Borrower must have re-established credit
5. Borrower must have proof that Job is now stable
This program is called the FHA " Back to Work" program and will be available as of August 15, 2013 through September 30, 2016.
For Further Details on getting a Mortgage 1 year after Short Sale, Bk, or Foreclosure contact Me at 602-282-3880
Just keeping America in Homes!!!
Robert Cloud
Senior Loan Originator
MLS#319471
Pinnacle Capital Mortgage
602-282-3880
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