Good News for those with Foreclosure, Short Sale and Bankruptcy.

Great news for those with Foreclosures, Short Sales and Bankruptcy!

by Kim Climer

As of August 15, 2015, the Department of Housing and Urban Development (HUD) has shortened the waiting period for those who have had a foreclosure, short sale or bankruptcy to one year. Previously such borrowers would have had to wait up to three years before being eligible for an FHA loan. The new changes do have their own set of rules, such as the borrower must have reestablished good credit over a years time, past bad credit would have to be due to extenuating circumstances and the borrower must complete HUD approved housing counseling. But all in all this is very good news for a lot of people with foreclosures, short sales and bankruptcy on their credit reports.

All of the information regarding the new rules for those with Foreclosure, Short Sales and Bankruptcy can be found in the HUD Mortgagee Letter dated August 15, 2013 at the link below.

HUD letter provided by Kim Climer Realty kimclimer.com

For more information about the new FHA rules regarding foreclosures, short sales and bankruptcy, contact your local lender or email me kimclimer@kw.com and I will be happy to put you in contact with one of my preferred lenders.

Be sure to visit my website at http://www.kimclimer.com/search/  for the most up to date MLS search.

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