12/13/2013

Buy Again!! FHA Back to Work - Extenuating Circumstances Program


Experienced foreclosure and think it's too soon to buy?  Think again!





The recent economic downturn had far reaching effects on us all. 

But if you have experienced credit challenges such as bankruptcy, foreclosure, short sale, or loan modification, and think that it may be many more years before you can be approved for a home loan, think again!

The great news is that many people will qualify for an FHA mortgage only one year after an economic challenge. 



FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage.
To that end, FHA is allowing for the consideration of borrowers who have experienced an Economic Event and can document that:
  •  certain credit impairments were the result of a Loss of Employment or a      significant loss of Household Income beyond the borrower’s control;
  •  the borrower has demonstrated full recovery from the event; and,
  •  the borrower has completed housing counseling.
 
From the Back to Work - Extenuating Circumstances Program Mortgagee Letter 2013-26
 
 



 This is great news for all of us!  If you have been thinking about Buying Again, please call our office.  We are happy to answer any additional questions that you might have and to get you back home!  Please call us seven days a week at 248-758-0022.

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