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    Countdown To Getting A FHA Loan After Foreclosure Just Got Shorter

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    HUD’s Back To Work Program has relaxed some requirements for those borrowers with a short sale, foreclosure, or bankruptcy on their record to get a FHA loan.

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    The Federal Housing Administration recently announced that homebuyers can now get a FHA loan after 12 months from a short sale, bankruptcy, or foreclosure. Due to FHA’s Back to Work - Extenuating Circumstances Program, the FHA is relaxing some of the requirements in getting a FHA loan. The HUD Back to Work Program has requirements that borrowers must meet. There must be a decline in the borrowers’ household income of 20% or more lasting at least six months that contributed to the short sale, foreclosure, or bankruptcy of Chapter 7 or Chapter 13. The borrower must have had good credit both prior to the short sale, bankruptcy, or foreclosure, and then afterwards, re-establishing credit in the 12 months after the occurrence. If a short sale or foreclosure took place, it must have been on a primary residence. The Back to Work Program applies only to purchase transactions, not refinances. The advantage of an FHA loan is that it allows for a very low 3.5 % down payment. A greater advantage is that it also allows the applicant the ability to borrow more money from the bank via an FHA-back loan compared to a conventional loan. Many lenders require a 2 year waiting period after such a hit on their credit history. By contacting a loan officer familiar with FHA’s Back to Work Program, who also understands the differences in FHA loan limits in California’s various counties, a home buyer can get back into the housing market quicker than previously thought. To find out more information on getting a FHA loan after a short sale, bankruptcy, or foreclosure, contact Rob at 888-242-1724, or at [email protected] Rob has been assisting Californians obtain mortgages and refinance for over 10 years. His specialty is VA loans and FHA loans.

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    “This is great news for many borrowers looking to get back in the housing market”, states Rob Chementowski, Senior Loan Officer with Affinity Financial and author of San Diego Mortgage Blog and So Cal VA Loans. “We specialize in assisting people get a FHA or VA loan after 12 months, where many other lenders still want to see at least 2 years pass.”
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    Rob Chomentowski



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