FHA now allowing Loans 12 months after Foreclosure
FHA
now Allowing Loans 12 months after Foreclosure
By: Richard Simpson –
Perpetual Financial Group, Inc
Monday, Aug 26, 2013
FHA is now allowing Borrowers
who have suffered a foreclosure or or bankruptcy during
the recent recession may still be able to qualify for an FHA mortgage. Under
the new guidelines established (HUD).
The new rules allow
borrowers whose credit was damaged due to a temporary loss of employment or
income to still qualify for an FHA mortgage if
they've recovered from that situation and maintained a clean credit history for at least 12 months. Click
here: Apply
Now
That means that
borrowers who recently experienced a bankruptcy, foreclosure, short sale, loan delinquencies, debt collections or other events that had a negative
impact on their credit may still be able to qualify for an FHA loan in as
little as one year after that event. Still regarded as good credit risks.
Click here to: Apply
Now
"As a result of
the recent recession many borrowers who experienced unemployment or other
severe reductions in income, were unable to make their monthly mortgage
payments, and ultimately lost their homes," wrote Asst. Housing Secretary
Carol Galante in a letter to lenders outlining the new guidelines. "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."
Click
here to: Apply
Now
To qualify, borrowers
must be able to show that their credit impairments were the result of a loss of
employment and/or income that was beyond their control, and which reduced their
income by at least 20 percent for a period of at least six months. They must
have resolved ny outstanding debt issues that were
not cleared away by foreclosure or bankruptcy, and not have any credit
blemishes over the past 12 months.
In addition, borrowers
must undergo credit counseling in order to be approved, which may be done in
person, by telephone, over the Internet or by any other method the FHA
approves.
Special rules for renters:
Borrowers with
non-traditional credit may qualify if they have no history of missing rent
payments, no more than one 30-day delinquency to
other creditors and no history of collection accounts
other than those arising from medical bills or identify theft. Click here to: Apply
Now
Even before the new
guidelines were announced, the FHA had considerably shorter waiting periods for
borrowers who had gone through foreclosure or bankruptcy than for conventional mortgages.
Formerly, borrowers could be
approved for a new FHA mortgage in as little as three years after a foreclosure
or two years after a Chapter 7 bankruptcy, assuming
certain guidelines were met. Click
here to: Apply
Now
Foreclosures and
bankruptcies will still remain on borrowers' credit reports for 7-10 years and
will continue to negatively affect their credit scores during that time. The new guidelines take effect immediately
and will be in force through at least Sept. 30, 2016.
Click here to: Apply
Now
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close our loans FAST at Perpetual Financial Group, Inc.
ü Many
of our approved loans close in 30 days or less!
ü Rates
are still historically low!
ü Lock
in your low rate & payment today.
ü Why
pay more for your home than you have to?
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out the Perpetual Financial Group rates now.
ü Click
here to: Apply
Now
Click here to: Apply
Now
Richard Simpson NMLS # 1068719
e-Mail:
richard.simpson@theperpetual.com
Perpetual Financial Group, Inc.
Georgia Licensed Residential Lender # 17706
NMLS # 136261
1838 Old Norcross Road,
Suite 400 Lawrenceville, GA 30044
Phone: 404-788-4420 Fax: 678-262-3595