Home buyers may qualify for FHA loan despite short-sale or foreclosure

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

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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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