FHA cuts waiting time for those who lost homes to foreclosure
FHA cuts waiting time for those who lost homes to foreclosure
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Posted by joel lobb at 10:10 AM 0 comments
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Louisville Kentucky FHA cuts waiting time for those who lost homes to foreclosure, short sales,
Short Sale and Kentucky Mortgage Requirements for a Home Loan
As a result of the housing collapse, many homeowners experienced a serious reduction in income or lost their jobs due to the crumbling economy. Some mortgage borrowers were forced to file bankruptcy or short sale their home to avoid foreclosure. Others were not so lucky and lost their home on the courthouse steps.
Borrowers may now qualify for an FHA mortgage under new guidelines established by the Department of Housing and Urban Development (HUD), according to Eli Younes of Viking Mortgage in Pembroke Pines on Monday.
The new HUD rules allow borrowers whose credit was damaged due to a temporary loss of employment or income to qualify for an FHA mortgage if they have substantially recovered from that situation and maintained a positive credit history for at least 12 months. Borrowers who recently experienced a bankruptcy, foreclosure, short-sale, loan delinquencies, deed-in-lieu, debt collections or other situation…
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Author: Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans
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Joel Lobb Senior Loan Officer American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 email@example.com http://www.mylouisvillekentuckymortgage.com/ Company ID #1364 | MB73346E This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. http://www.nmlsconsumeraccess.org/ Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. NMLS#57916 http://www.nmlsconsumeraccess.org/ . 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