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FHA Changes Make it Easier To Buy Your Home

Wednesday, September 18, 2013   /   by Teresa Dipeso

FHA Changes Make it Easier To Buy Your Home

If 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.


FHA ForeclosureAlthough 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.




Teresa DiPeso sells Jersey Shore Real Estate and provides community information as a service to the public. Contact her at (609) 780-1434 or via email at teresa@jerseyshorerealtygroup.com. Visit us on Face Book.

Teresa M DiPeso & The DiPeso Group Jersey Shore Real Estate Experts
Teresa M. DiPeso
Long & Foster
Avalon/Stone Harbor/Cape May/Sea Isle/Wildwoods, NJ 08202
609-780-1434

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the Cape May County Multiple Listing Service. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the South Jersey Shore Regional MLS. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
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