www.menifeeshortsalerealestate.com
FHA has recently release new Guidelines that allow those that short sold their homes to buy again one year later.
Mortgage Letter 2013-26 dated August 15, 2013 states the following:
'As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage payments, and ultimately lost their homes to a pre- foreclosure sale, deed-in-lieu, or foreclosure. Some borrowers were forced to file for bankruptcy to discharge or restructure their debts. Because of these recent recession-related periods of financial difficulty, borrowers’ credit has been negatively affected. FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage. '
If you think you may qualify for a home loan again now is a great time while prices are still affordable. Check with your local Realtor and/or lender to see if it's time for you to buy again!
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