Email I just got from one of my mortgage brokers this is great news. Good evening Thomas, I have great news for anyone that FORECLOSED, SHORT SOLD or filed BANKRUPTCY due to a drop in income! FHA has introduced a new program that allows eligible and qualified borrowers to purchase 1 year after a FORECLOSURE, BANKRUPTCY or SHORT SALE (even if they went late on their mortgage payment). There are a few guidelines that will help us determine if you or anyone you know that suffered a loss of income is eligible for this program: 1. Income must have dropped by 20% or more 2. Income drop must have been due to economic related event (job loss, overtime loss, layoff etc…) 3. Eligible borrowers must have sustained the reduced income for at least 6 months 4. Foreclosure, bankruptcy and/or short sale MUST be directly caused by the loss of income 5. Click HERE to learn more FHA just released this program and as a result we are still working out the details. However, if you think this is something that you or anyone you know may benefit from call our team today so we can help you get started. FHA loan limits go up to $346,250 in Maricopa County with just 3.5% down.
Posted on: Thu, 29 Aug 2013 06:59:50 +0000
Trending Topics
Recently Viewed Topics
© 2015