In the past it was standard for
people to wait seven years after a foreclosure to buy a home. This is no longer
the case. While mortgage lenders Fannie Mae and Freddie Mac still require a
seven year waiting period the Federal Housing Administration will back a
mortgage after three. They require that the buyer has established good credit
and the ability to pay their mortgage in this time.
The Federal Housing Administration
insures home loans so that banks have the ability to be more flexible. It
allows them the ability to provide loans with lower down payments and a wider
variety of income requirements. In 1934 the FHA was created in an attempt to
revive the housing market.
For those who can qualify an FHA
loan is a good option. While the FHA does not does not provide data on the
number of loans which involve people who are buying following a foreclosure or
short sale some statistics can be derived from other lenders. Wells Fargo is
the country’s largest FHA loan originator and servicer. According to their spokesman
they have provided more than $73 billion in FHA-backed loans during the first
six months of the year. This is in stark comparison to the $47 billion that was
provided in the entire twelve month period of 2011.
While some may complain that an FHA
loan takes more work and time it may be the answer for those who would
otherwise have to wait seven years to reenter homeownership.
HOMESELLERS:
What is YOUR home worth?
Find out what your home is worth and what sold on your street
right now.
HOMEBUYERS:
Find out what sold in the neighborhoods you are interested buying
in.
Market snapshot guarantees the most up-to-the-minute neighborhood
property information, detailing MLS active, sold inventory, and days on the
market counts.
Ruben
Garmyn & Jim Birtola
Team Birtola - Garmyn, Oregon's #1 Real Estate Team
Prudential High Desert Realty
Bend, OR
Office: 541-312-9449
clientservice@prudentialhighdesertrealty.com
http://www.BendOregonRealEstate.com
Team Birtola - Garmyn, Oregon's #1 Real Estate Team
Prudential High Desert Realty
Bend, OR
Office: 541-312-9449
clientservice@prudentialhighdesertrealty.com
http://www.BendOregonRealEstate.com
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