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Monthly Archives: October 2013

If You Had A Short Sale – Foreclosure Or Bankruptcy … You May Now Qualify for A FHA Loan To Buy A Home

If you did a short sale, had a foreclosure or bankruptcy and now would like to buy a home relief may be in sight…..

FHA Credit Policy Change Makes it Easier to Qualify
“Economic Events” Recognized as Isolated

Effective immediately, policy changes in the way the Federal Housing Administration (FHA) views certain derogatory credit will make it easier for some borrowers to qualify for purchasing a home. Allowances will be made for certain “Economic Events” resulting in poor credit ratings, which previously would cause borrowers to be ineligible.What do the new rules say? Potential borrowers who experienced a decrease of income by 20 percent or more of household income for at least six months, and that resulted in serious derogatory credit such as a short sale, foreclosure, or bankruptcy, may still be eligible as long as:

  1. The loss of employment or income was due to an extenuating circumstance beyond his or her control and can be documented.
  2. A satisfactory credit history has been restored for a period of 12 months.
  3. HUD approved housing counseling has been completed.
If You live in Central Florida and want to get a home and STOP PAYING RENT call me today at 407-744-1827 or email  at imrobin@earthlink.net and I will help you realize that goal. Visit http://www.flhomeinone.com
 
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Posted by on October 12, 2013 in Uncategorized