Just a week ago, the Federal Housing Administration (FHA) announced that it would waive 3-year foreclosure and 2-year bankruptcy waiting periods for homebuyers whose credit histories were damaged by the recession. Although this is great news for many families, the Back to Work – Extenuating Circumstances program does require that applicants follow specific instructions. Not everyone …
Change in FHA Foreclosure Waiting Period
Listen up, homebuyers! As of August 15, the Federal Housing Administration (FHA) has waived its 3-year foreclosure and 2-year bankruptcy waiting periods. This is great news for hopeful homebuyers who were previously prevented from buying a new home by the FHA foreclosure waiting period. Before this week, a variety of problems could have prevented you from …
3 Types of Listings for HUD REO Properties
It is important to be familiar with three terms which the US Department of Housing and Urban Development uses in sales If you plan to buy HUD Real Estate Owned (REO) properties, it is important to be familiar with three terms which the US Department of Housing and Urban Development uses in sales: Insurable (203b), Insurable with …
What is a Buyer or Seller Funded Repair Escrow?
A repair escrow may either be funded by the buyer or the seller, and is typically determined by the contract. If the seller is required to pay for the repairs, the escrow funds will be collected from the seller at closing. Refusal to comply with this requirement may jeopardize the approval of the mortgage plan …
What is a Full FHA Loan?
A FHA 203(k) Full loan merges the repair costs into the home financing. It’s an excellent option for homeowners who do not want separate mortgage applications and processes for buying a home and fixing it to make it a dream one. The beauty of this option lies in the higher coverage: up to 50% of …