FHA Offers Loans to Borrowers with Foreclosures

SAN DIEGO - Aug. 22, 2013 - PRLog -- FHA OFFERS LOANS TO PEOPLE WITH A FORECLOSURE

 

August 22, 2013 (San Diego, CA)  FHA to offer loans to borrowers who have a foreclosure within one year.

 

FHA or Federal Housing Administration has announced that homeowners who lost their home to foreclosure within the last year may be eligible to get a new loan.  “That’s huge for buyers,” said Chris Spade, REALTOR with Keller Williams Realty San Diego Metro.

 

“Buyers will now be able to get back into the market and own a piece of the American Dream,” said Spade. “There are restrictions,” said Frank Thomas with Movement Mortgage. “  “Every file will have to be manually underwritten, however it’s a great opportunity to get reintroduced into the market.”

 

Details are still being rolled out however, this new rule applies to anyone who filled out a mortgage application between August 15, 2013-September 2016.  Now is the time.  Don’t wait.

 

Underwriters will be looking for extenuating circumstances like loss of a job or death of a spouse.  Borrowers will have to meet other requirements as well.  

About Chris:  Chris has been practicing real estate full time since March of 2007.  Chris is currently ranked number 6 out of 242 agents in his market center.  Chris sits on the ALC or Agent Leadership Council an invitation extended to agents in the top 20% of Keller Williams.  Chris also trains and mentors new agents in various lead generation techniques to include internet lead generation and working by referral. Chris CA BRE # 01785713 and broker ID # 01295699