If you need assistance, please call 858-345-9040

FHA Changes Make it Easier To Buy Your Home

Monday, January 29, 2018   /   by Sean Zanganeh

FHA Changes Make it Easier To Buy Your Home

second chance for your homeIf you have recently lost your home in a foreclosure, short sale, or bankruptcy, and are looking for a second chance at purchasing a new home, you'll be excited about this news. Last month the Federal Housing Administration (FHA), recently announced a rule change that will allow many potential borrowers to purchase a new home just one year after losing a previous residence. This new option is called the “Back to Work – Extenuating Circumstances” program.

Although several conditions need to be met, this could be an opportunity for you. To qualify, borrowers must prove that they lost their home because of a significant economic incident, such as losing a job. Circumstances must have changed significantly, resulting in the family income being fully recovered when applying for the new loan, too. Those wishing to purchase a home must also have an adequate credit score and participate in a one-on-one counseling session lasting one hour.

In addition to these conditions, borrowers need to meet all other FHA requirements as well as having a solid history of on-time rental payments, no more than one 30 day late payment to creditors, and no reported collection or court records. This program could be a great way to gain approval for your home. If you'd like to learn more about local homes for sale, give me a call. I'd love to help you find out more about this program and available homes.
My San Diego Dream Home
Sean Zanganeh
12780 High Bluff Dr
San Diego, CA 92130
858-345-9040
CA DRE# #01851910

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS®. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2020 San Diego MLS®, Inc.
This site powered by CINC: www.cincpro.com