Buy a Home Immediately After A Foreclosure or Short Sale-New FHA Program!

Good News for Folks Affected by Economic Downturn

Here is some great news for homeowners affected by the economic downturn-if you have lost your home to foreclosure, had a short sale or filed a Bankruptcy you may be qualified to buy a new home immediately under a new FHA loan program.
The loan program is called FHA Back To Work and is effective August 15, 2013.  If you have experienced any of these financial difficulties or economic events you may be eligible:

1. Short Sale
2. Deed In Lieu
3. Foreclosure
4. Chapter 7 or 13 Bankruptcy
5. Loan Modification
6. Forbearance agreement

Basically, you no longer need to wait the 1-3 years to qualify for a new purchase money loan under the Back to Work FHA loan program.  Best of all, there is no additional fees and the interest rate is the same as for the standard FHA loan.
There are some criteria that must be met-here are the minimum guidelines:

• You must have experienced one of the above economic events
• You must be able to demonstrate a full recovery from the event
• You must complete Housing Counseling prior to closing
• You must show that your household income declined by 20% or more for a period of at least 6 months, which coincided with the economic event-you will need to provide tax returns, W2's and a written Verification of Employee evidencing prior income

Home prices are still much lower than in recent history, interest rates still hover at all time lows-and now with this new FHA Back to Work loan program, more buyers can take advantage of these extremely advantageous market conditions to get back into a home of their own!  Feel free to contact me and I will be happy to review your situation and determine if this new program works for you.

Leonard Newman is the Broker/Owner of Newman Realty, located in downtown San Juan Capistrano.  Contact him at: 949.233.9311