Solving the Foreclosure Crisis One Homeowner at a Time...

Thanks for joining us as we talk about real estate items pertaining to the Phoenix Metro Area. There are alternatives to foreclosure. Let us help you. Foreclosure should always be your last resort. For more information on how to avoid foreclosure and a list of homes for sale, please visit our site at http://www.marydrefs.com/. Need to find or sell a house?? Call us at 623-694-0354.

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Wednesday, April 9, 2014

Bankruptcy, Short Sale, Foreclosure ? An FHA Loan Is The Only Way To Go...

The majority of real estate offers that cross my desk are showing that  the buyers are obtaining FHA loans to purchase the property.
FHA is the only option for borrowers who have marginal credit. (as low as a 580 credit score)
Even if the buyer has good credit and lots of money to put down. if the buyer has had a recent bankruptcy, short sale or foreclosure, FHA will be the only option for a loan. 
So, the upside is the FHA loan requirements are more forgiving.  The downside is there is a price for that forgiveness in the form of monthly mortgage insurance.
Posted by Unknown at 1:27 PM

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