New FHA Guidelines To Better Your Chances Of Getting A Loan After Economic Event

New FHA Guidelines To Better Your Chances Of Getting A Loan After Economic Event

FHA has announced their new guidelines of obtaining financing only 1 year after an "economic event" has occurred. 

FHA defines an "economic event" as - 

  • Income has declined by 20% from normal income amount
  • Must maintain the 20% income decrease for 6 months or longer
  • Decrease in income must be due to circumstances out of your control
  • Decreased income must have had a direct effect on the borrower having to file bankruptcy, short selling or foreclosing.
In order to fall under these guidelines, the borrower must complete credit counseling and re-establish credit during the 12 month period after either a bankruptcy discharge, short sale, or the recordation of a foreclosure.

For questions on whether or not this can apply to you, give us a call!

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Phone: 480-999-2338
Dated: October 9th 2013
Views: 291
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