Nov 06

Foreclosed Home Owners Rebound Faster With FHA Loans

Foreclosed Home Owners Rebound Faster With FHA Loans.

Foreclosed Home Owners Rebound Faster With FHA Loans

Foreclosed Home Owners Rebound Faster With FHA Loans

Home owners who experienced foreclosures are finding themselves owning again sometimes only three years later—possibly even less—with FHA loans.

Mortgage giants Fannie Mae and Freddie Mac usually require a seven-year wait following a foreclosure. However, FHA loans will approve loans after three years, if the borrower can show good credit and ability to pay the mortgage.

The FHA insures loans with low down payments, such as 3.5 percent, and tends to have greater flexibility with income requirements too.

“There’s definitely a movement of folks who had a foreclosure to re-emerge and re-engage in the market,” says Dustin Hobbs with the California Mortgage Bankers Association.

According to FHA loans guidelines, the agency will insure loans of a home owner who once faced foreclosure as long as the home owner can document circumstances beyond the borrower’s control that led to the foreclosure, such as a serious illness or death of a spouse. FHA notes that divorce or the inability to sell a home because of a job relocation don’t constitute such extenuating circumstances.

Source: “FHA Home Owners Recover From Foreclosures More Quickly,” RISMedia (Nov. 4, 2012

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