Thursday, September 26, 2013

FHA to Home Buyers: We’ll Forgive But (Won’t) Forget | Mortgage Rates & Trends

FHA to Home Buyers: We’ll Forgive But (Won’t) Forget | Mortgage Rates & Trends



rule change is allowing certain borrowers who have gone through a foreclosure, bankruptcy or other adverse event to become eligible to receive a new mortgage backed by the Federal Housing Administration after waiting as little as one year. Previously, they had to wait at least three years before they could qualify for a new government-backed loan. Fannie Mae and Freddie Mac, which guarantee conventional loans. require borrowers to wait seven years after a foreclosure unless there are extenuating circumstances, in which case the wait is three years.




 to be eligible for the new FHA loans, 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 event beyond their control. And they must prove their incomes have had a “full recovery; prove they have had at least one hour of approved housing counseling and have had 12 months of on-time housing payments.

-- 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*