The article reports on the United States Department of Housing and Urban Development's (HUD) decision to extend its moratorium on foreclosures of Federal Housing Administration-insured mortgages in...
Pre-Foreclosure Sale (PFS) Deed-in-Lieu of foreclosure (DIL) The kind of assistance you might be eligible for depends on your income (is it sufficient to make a modified payment?), situation (do you want to keep your home?), equity position (would someone be willing to assume your loan...
The 2009 First Time Homebuyer Tax Credit: A Reader Question FHA Advice: Don’t Pay For Foreclosure Avoidance Counseling FHA Lenders FHA Loan Options: What To Ask The Lender HUD Announces Accessory Dwelling Unit Policy FHA Minimum Standards Vs. Lender Standards...
Rising defaults have eaten through the FHA’s cushion. Some 7.8% of FHA loans at the end of the second quarter were 90 days late or more, or in foreclosure, according to the Mortgage Bankers Association, a figure roughly equal to the national average for all loans. That is up from 5.4%...
FHA loans have more lenient credit requirements than conventional loans, but there are still some restrictions. Borrowers with a foreclosure on their credit report must wait at least three years after the foreclosure date before they’re eligible for an FHA loan. For bankruptcies, the waiting perio...
Are there any waiting periods after foreclosure or bankruptcy for an FHA loan? Yes, typically you need to wait three years after a foreclosure and two years after a bankruptcy discharge to qualify for an FHA loan. AboutChristopher Boston ...
Moratoria's prevention of the initiation of foreclosure actions; HUD's requirement for lenders/services to suspend foreclosures already in progress.Collins, BrianNational Mortgage News
Byline: DAVID BAUERLEINBauerlein, David