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