Waiting Period To Purchase Lessened for Borrowers that Experienced Foreclosure

According to a mortgage letter released last Friday, the Federal Housing Administration (FHA) is allowing home owners that went through a foreclosure, bankruptcy, deed in-lieu of foreclosure or short sale to reenter the market in as little as 12 months!

Previously, home owners that experienced a foreclosure had to wait at least 3 years until they could get approved for an FHA loan yet with the new guideline certain borrowers who lost their home as a result of hardship may be able to obtain a home loan much sooner.

For previous home owners that went through a recession-related financial issue, FHA stated that it realizes “their credit histories may not fully reflect their true ability or propensity to repay a mortgage”.

To be eligible for approval, the individual must show certain credit impairments related to loss of employment or loss of income that was beyond the borrower’s control.  The income loss must also be at least twenty percent for a period lasting for at least 6 months.

Also, purchasers must demonstrate full recovery from the event that caused the hardship along with completing housing counseling.

According to the information provided, recovery from an economic event involves re-establishing satisfactory credit for at least 12 months (good payment history on payments such as rent, mortgages or credit accounts).

 

Source:  DSnews.com, Esther Cho

Great Buy! HUD home for sale

11396 W Kipling Way  Nampa, ID  83651

Move-in ready HUD home situated w/in a well-kept community near services of all types and containing 4 bedrooms, 2.5 bathrooms and 2202 square feet! Interior features include tile & granite countertops, stainless steel appliances, vaulted ceilings & a gas fireplace. The fully fenced exterior w/RV parking potential holds mature landscaping, an oversized 3-car garage along with a back patio. Priced at only $162,000—that’s only $73 per square foot!

The seller of this HUD home for sale may provide a closing cost credit of up to 3% to be included with the purchase of this home.

An approximate monthly payment for this HUD owned Nampa home for sale at the asking price of $162,000 while placing 3.5% down (4.5% interest rate—taxes and insurance(s) included) would be at or around $942.00  monthly—why rent?!?  **qualified 1st time homebuyers may be eligible for programs which offer $500 down payment options**

Please visit https://trustidaho.com/search/#PropertyID=66825362 to view detailed information and additional photos of this HUD home for sale.

Nampa HUD home for sale

HUD homes in Nampa

 

Idaho HUD homes

Interested in obtaining information on all HUD owned homes for sale?  I am happy to forward a list of available HUD owned homes within 24 hours upon obtaining your request.  Please call me at 208-869-3469 or send your request to:  matt@trustidaho.com

Call today for additional information or to view the interior of this or alternate HUD  homes for sale!

**INVESTORS—call me now if you’re sick and tired of your hard earned funds sitting in non-performing stocks or low interest bearing savings accounts.  The time is NOW to invest in real property that will obtain at least $1000 per month in rental income (not to mention future pricing appreciation).