FHA Loans Are Great for Helping Home Buyers Buy Again After Short Sale, Foreclosure and Bankruptcy

There is a reason why FHA loans are the most popular loans in America right now-----great rates and low down payments!  FHA loans also have the fastest turnaround time for folks who went through a short sale, foreclosure or bankruptcy.  Generally it takes three years to get back into the market again but there are many circumstances that FHA recognizes that allow you to buy much faster.  Sometimes as fast as one year!  It is crucial that you work with an expert who can navigate you through the matrix of requirements to buy a home again.  All we do at homeforeclosurecenter.com is help folks buy a home again.  We know our stuff!

 

General requirements for an FHA loan are the following:

 

Minimum Down Payment is 3.5%

Minimum Credit Scores are 580

Max Debt To Income Ratio is 55%

Be employed for the past two years

 

Another nice feature of an FHA loan is you can have the Seller contribute up to 6% of the purchase price to closing costs.  This significantly reduce your out of pocket costs at closing.  The only requirement in terms of cash out of your pocket is you have to come in with the 3.5% down payment.   You can also receive some or all of your down payment.  The government insures these loans so the lenders love to underwrite them.  In fact, FHA loans are usually priced about .25% better than conventional loans. 

 

FHA loans are the best option for folks buying a home again after short sale, foreclosure or bankruptcy.

Posted in bankruptcy, fha loans, foreclosure, short sale

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