If you are planning on buying new home and intent to use a FHA purchase loan and have had a recent hard times, there is good news. The Federal Housing Administration (FHA) waiting requirement times have been cut to one year, waiting time after bankruptcy, foreclosure or short sale.
The previous waiting period had been two years after the completion of a bankruptcy and three years after a foreclosure or shot sale.
You are still going to have show that your income had dropped by 20% or more for at least 6 months and was tied to unemployment or other event beyond your control. And you must complete at least one hour of approved housing counseling among other things, including showing 12 months of on-time housing payments.
FHA credit scores are and debt to income ratios are generally more liberal than Convention or Fannie or Freddie Mac loans.
Call Karl R Schulz Friday Realty LLC for your Residential Real Estate needs in Palm Beach County,
561-379-7881 wwww.FridayRe.com
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