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Tuesday, August 20, 2013

FHA Changes will help some borrowers, Short Sale, and Bankruptcy. Now how about the Lenders?

The FHA has made it drastically easier for once-struggling homeowners to qualify for an FHA loan. The Federal Housing Administration has announced in a letter to mortgagees that it will reduce the time homebuyers must wait after a bankruptcy, foreclosure or short sale before qualifying for an FHA-backed mortgage. The period had previously been two years following a bankruptcy, and three years following a foreclosure or short sale. The agency has now reduced the waiting period to one year. Credit over all will still play into this. See here about Mr. Will

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