OfflineSaw this article, had to share, will be a lot more buyers in the marketplace very soon! Great for flippers and those of us selling on lease option!
http://themortgagereports.com/13372/fha-waives-foreclosure-waiting-perio...
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Cathy B
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After reading the article, it may not be a huge number of retail buyers but there will definitely be some back which should be good for investors. These buyers will still have to go through lots of hoops to get a loan. I bet retail buyers either may become frustrated with the hoops of a regular FHA or 203k loan or they may not be able to buy some of the propts investors will buy - those requiring fix up and repair - but they'll be there to get them after they are done. Fix/flip & lease-to-own seem like great options. Thanks for the post.
Ken
Very interesting!
Karen
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if it only applies to short sales, foreclosures, etc AFTER August 15th; or if prior ones will also get the waiver of the 3 years? Hmmm..
I think it is previous foreclosures, that's how I read it.
Cathy B
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The FHA Back To Work - Extenuating Circumstances Program : Q & A
I am unemployed. Can I use the FHA Back To Work program?
Yes, you can use the FHA Back To Work program if you are unemployed.
I have heard a lot lately that the real estate market is on an upswing... The FHA waiving waiting period.........will certainly help.....
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Sharon
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It was once said, “religion is designed to comfort the afflicted and to afflict the comfortable.”
That was good info should help finding even more buyers out there.
I'd like to see how many buyers actually qualify for this; I don't think that the main reason that most homeowners went into foreclosure was due to a decline of the 20% in their income (one of the requisites to qualify), but because of the type of loan they had obtained from the banks and the depreciation of their homes...
Valerie
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Thank you Cathy! This is great information - FHA is always changing the rules and sometimes it's hard to keep up. I love that we can share information in this forum to help each other stay up to date on the ever so changing rules and laws.
Thank you for sharing!
Karen
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