FHA Has Changed The Rules!

FHA changed the rules,  now only 12 months waiting period for BK, Foreclosures, Short Sales. At All Western Mortgage, HUD opens financing for borrowers, call us now.

 

 

New FHA rule:

 

Borrowers are eligible for financing 12 months after BK, Short Sale, Foreclosure, and Deed-in-Lieu*

 

 

Old FHA rule:

 

Borrowers must wait 36 months for financing after BK, Short Sale, Foreclosure, and Deed-in-Lieu

 

 

 

• Minimum credit score of 640 

• Must have 12 months recent clean credit history

• Must have minumum 3 months cash reserves from borrowers own funds

• Gift funds are allowed

• Must be able to document they experienced an "economic event" ie. loss of income of 20% or more for 6 months leading up to the BK, Short Sale, Foreclosure, Deed-in-Lieu*

• Borrower must attend Housing Counseling from HUD approved agency, list coming soon