Post Foreclosure and Short Sale Home Buyers Get A Break From FHA
Before last week, prospective home buyers that have gone through a foreclosure or short sale generally had to wait at least three years before they could get an FHA loan to purchase another home. FHA has reduced the minimum waiting period to one year for borrowers that meet certain requirements.
In order to qualify for new FHA financing, home buyers must demonstrate that the foreclosure or short sale was caused by unemployment or “economic event” that caused a substantial reduction in their household income.
Prospective home buyers that have been through bankruptcy, a foreclosure or short sale are advised to meet with a trusted mortgage loan officer to develop a plan of action that will lead to the renewed ability to obtain mortgage financing.
Rose, Lewis Ginter Botanical Garden IMG_8847
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs