The Federal Housing Administration made it a lot easier this week for victims of foreclosure or short sale to buy a home again.
Now borrowers who meet certain requirements will only need to wait 1 year after bankruptcy, foreclosure or short sale before they may qualify for a FHA-backed loan.
The waiting period had been 2 years after the completion of a bankruptcy and 3 years after a foreclosure or short sale (For complete details on this story reported in the Chicago Tribune: http://ow.ly/oeCa6).
The easing of requirements is great news for many in the Inland Empire who were hit hard by the recession, lost their jobs and then their homes.
Among the many stipulations, borrowers must be able to show their household income fell by 20 percent or more for at least six months and was tied to unemployment or another hardship beyond their control. According to reports, they must also have completed at least one hour of approved housing counseling and can show they have had 12 months of on-time housing payments.
If you know someone who may qualify and wants more information, please have them contact us. We'll help connect them with a local mortgage loan officer who can help them.
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