FHA is making it easier to get back into Home-Ownership!!!
Are you driving by real estate signs like this one, watching prices go up and thinking "only 2 more years and I can buy a home again?" Are you leasing a home because you were told you would have to wait at least 3 years before you could get a mortgage again? Do you have a friend, relative or co-worker who had circumstances beyond their control and wound up losing a home in foreclosure, bankruptcy or a short sale? Do you think it is about time someone figured out how to get people who got caught-up in that crazy out-of-control mortgage madness back into homes? If you answered "yes" to any of these questions, than you need to keep reading.
FHA just announced the "Back to Work" program. With these new guidelines, borrowers who have had what FHA terms an 'Economic Event' in the past will now be able to qualify for a new mortgage 1 year out instead of the traditional 3 years. FHA recognizes that many good borrowers got put into bad situations and they have decided to try an help.
The qualifications for this loan are the same as a traditional FHA loan with a few additional terms. The borrower has to be able to document the 'Economic Event'. An economic event is a change in either income or expenses that led to the loss of the original home. This could have been due to unemployment, divorce, change in family size, medical illness, mortgage payments adjusting or other reasons that made the original mortgage unsustainable. The outcome would have resulted in Foreclosure, Bankruptcy or a Short-Sale. The event also must have occurred at least 12 months ago. The borrow also must have recovered from the event - that is to say their income and expense ratio must show that they can afford the new mortgage payments.
Along with the above criteria, the borrow will also have to attend a HUD approved home ownership counseling class. The only catch hear is that out of 789 or so FHA approved lenders in the United States, only 60 or so will even be able to offer this program (and currently there are 2 or 3 in the entire country who have actually began to offer the program). The good news here though is that one of my loan partners can and is offering this program right now!
So, to sum it up - if you have had a foreclosure, short-sale, deed-in-lieu, or bankruptcy over 12 months ago AND you want to become a home owner again right now then you need to call me - Jason Gault @ 248-236-5335
If you have any additional suggestions or checks, leave me a comment below. You can always find me at my website JasonGault.com
No comments:
Post a Comment