FHA Is Helping Foreclosured Homeowners Qualify For New Mortgages

DSC_0002The Federal Housing Administration (FHA) has decided to make it easier for homeowners who were foreclosed on their mortgage to qualify for a new mortgage.

There are certain requirements borrowers have to meet but the wait time can be lowered to one year from the time of foreclosure for qualified individuals.  In the past the waiting period was two years after the completion of a bankruptcy and three years after foreclosure or short sale.

What Are The Requirements?

Potential borrowers must be able to show that their household income fell by 20% or more for at least six months and the decrease was because of unemployment or another event beyond their control.

They must also prove that they have had at least one hour of approved housing counseling and have had at least 12 months of on time housing payments.

“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,” said FHA Commissioner Carol Galante in a letter to mortgagees announcing these changes.

This is exciting news for those people who were adversely affected by the downturn in the economy and who could not afford to make their mortgage payments even though they wanted to.

Why not check and see if you qualify for these new guidelines?  Give me a call at 239-601-3174 and I can set you up with a very good mortgage broker who will do everything he can to get you qualified to own a home under these new guidelines.  There is light at the end of the tunnel for our hardworking couples who desire to own their own home again.  I look forward to helping you get back your pride of home ownership.

Remember it is always toasty in Naples and you deserve your piece of Naples sunshine and home ownership!

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