Over the past several years we’ve heard about lending guidelines getting tougher and tougher for people to qualify. Is that still true or do you see guidelines loosening up at all?
FHA has expanded the definition of Extenuating Circumstances to include Economic Event, which shortens the seasoning periods on foreclosure, short sale, and bankruptcy to 12 months.
FHA is allowing for the consideration of borrowers who have experienced an Economic Event and can
document that:
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Certain credit impairments were the result of a Loss of Employment or a significant loss of Household
Income beyond the borrower’s control;
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The borrower has demonstrated full recovery from the event; and,
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The borrower has completed housing counseling
To hear more on the topic be sure to listen in today!
Contact Information:
Doug Haldeman NMLS# 298419
Cherry Creek Mortgage NMLS# 3001
13321 N Outer 40 Rd Suite 500
Chesterfield, MO 63017
314.472.3684
