FHA TRIMS WAITING PERIOD FOR BORROWERS WHO EXPERIENCED - TopicsExpress



          

FHA TRIMS WAITING PERIOD FOR BORROWERS WHO EXPERIENCED FORECLOSURE Source - Daily Real Estate News: The Federal Housing Administration is giving some former home owners another chance at home ownership. The FHA sent a letter to lenders stating that it would offer mortgage insurance to borrowers who once filed for bankruptcy, or who lost their homes through fore-closure or short sale during the recession. The potential borrowers must still show they can meet all other FHA requirements and that they are no longer financially constrained. They will also need to undergo housing counseling. FHA is requiring lenders to verify that at least a year has passed since the foreclosure or “economic event" that caused the foreclosure or bankruptcy. "FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or pro-pensity to repay a mortgage," according to the letter FHA sent to lenders.
Posted on: Sat, 24 Aug 2013 11:25:07 +0000

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