The FHA has made it drastically easier for once-struggling homeowners to qualify for an FHA loan.The Federal Housing Administration has announced in a letter to mortgagees that it will reduce the time homebuyers must wait after a bankruptcy, foreclosure or short sale before qualifying for an FHA-backed mortgage. The period had previously been two years following a bankruptcy, and three years following a foreclosure or short sale The agency has now reduced the waiting period to one year."FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage," FHA Commissioner Carol Galante said in the letter. To see if you qualify go to www.BestMortgagesColorado.com or call 720-309-3014
Author:Jim Cavoto Managing Broker Phone: 720-309-3014 Dated: August 19th 2013 Views: 1,034 About Jim: Jim Cavoto has been serving Colorado Real Estate market since 2000. Jim carries both Real Estate Em...
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