Buy A Home 1 Year After Foreclusure, Short Sale or Bankruptcy

By
Real Estate Agent with eXp Realty of California, Inc. (lic. #01878277) DRE# 00949880
https://activerain.com/droplet/42rz

      FHA recently announced that home buyers can purchase a home with an FHA loan one year after a foreclosure, short sale, bankruptcy or judgment.  There are a few rules to go with the program so I am going to let Eddie Fairchild from Summit Funding explain it for you.

 

     FHA loans have some very useful options, but the fees for an FHA loan have continued to rise over the past few years and now most FHA loans have an upfront charge for mortgage insurance and a monthly charge for mortgage insurance that will last for the life of the loan.  This is a big change.  Previous FHA guidelines allowed borrowers to drop the monthly mortgage insurance fee after 5 years or when they had 21% equity in their homes.  Since the costs of an FHA loan have risen so much, ask your lender about a conventional 3% loan.  Generally, you need a higher credit score to qualify for a 3% conventional loan.

     If you have any questions or need help finding a home in the Elk Grove or Sacramento areas, give me a call.  I am always glad to help.

 

 

    

 

Posted by

             eXp Realty of California, Inc

Raymond Henson, SRES, GRI, e-Pro

Past Client Testimonials   

3412 Babson Drive

Elk Grove, CA 95758

RayRHenson@gmail.com

916-698-8415

 

 

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California Sacramento County
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first time home buyers
fha loans
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Rainmaker
2,007,694
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Ray, great news for those hurt by the recent economy..Thanks for sharing with us.

Aug 29, 2013 06:30 AM #1
Rainmaker
172,626
Raymond Henson, SRES, GRI
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Ronald,  I am hoping that this program will help and the investors get on board.  I imagine they will.  Thank you for stopping by!

Aug 30, 2013 08:12 AM #2
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Rainmaker
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Raymond Henson, SRES, GRI

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