The past few years have been painful ones for those who lost their North County homes to foreclosure, short sale or bankruptcy.
But there is new hope and some promising news.
If you recently lost your Encinitas, San Marcos, La Costa or Carlsbad home to a foreclosure, short sale, or bankruptcy– and are looking for a second chance at purchasing a new home, it may be time to celebrate. Last month the Federal Housing Administration (FHA) 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 hurdles 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 or medical problems. 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 loan approval for your next 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.
For additional information, call Roberta Murphy at 877-818-8197 or 760-402-9101–or email: roberta@sandiegopreviews.com. And to speak with an excellent mortgage local lender with national connections, call Jenny Nguyen at 858-799-0747.