FHA Loan after a Short Sale or Foreclosure
Posted by Paul Caparas on Thursday, September 5th, 2013 at 12:18pm.
Big news affecting Real Estate came out about week ago that applies to anyone who had a Short Sale or Foreclosure recently. FHA is shortening the length of time you have to wait to purchase a home using an FHA loan to ONE YEAR (I believe it was three years) but would have to meet certain conditions:
- The short sale/foreclosure was caused by a loss of income of at least 20%
- The owner has recovered from this.
- The owner has completed Housing Counseling.
These are just some of the basics and there are a lot more details. If you are interested in knowing more, call me at 858-349-2390 or contact me and I will forward you the letter from U.S. Dept of Housing and Urban Development.
Thank you and have a great day!
Cell: 858-349-2390 | E-Fax: 619-209-7597
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CA DRE # 01397640
Selling San Diego Real Estate since 2003
Paul CaparasDRE # 01397640
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