Home Buying in Las Vegas>Question Details

Suzie Marqua…, Real Estate Pro in Las Vegas, NV

Does anyone have information regarding the new FHA program that allows homeowners that have been through a Bankruptcy or Short Sale to purchase again?

Asked by Suzie Marquardt Dave Fahrny, Las Vegas, NV Sun Sep 1, 2013

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Hello everyone Oscar here Wholesale and Correspondent AE , below are the most important notes from the Mortgagee Letter Released by HUD named Back to Work - Extenuating Circumstances

Please make sure you take this information into consideration prior to calling your potential Buyers or Clients

FHA is allowing for the consideration of borrowers who have
experienced an Economic Event and can document that:
ï‚· certain credit impairments were the result of a Loss of Employment or
a significant loss of Household Income beyond the borrower’s control;
ï‚· the borrower has demonstrated full recovery from the event; and,
ï‚· the borrower has completed housing counseling

AGENTS NEED A TBD LOAN APPROVAL? CALL ME @ 626 703 3200

IF YOU NEED A COPY OF THE ML CLICK ON THE LINK BELOW.

http://search.usa.gov/search?utf8=%E2%9C%93&sc=1&que…
0 votes Thank Flag Link Tue Sep 3, 2013
Hello Suzie,
There are many options available to bring borrowers back to the market. I would be more than happy to answer all of your lending questions. I look forward to your call.

http://thenationalrealestatepost.com/find-a-professional/mor…

Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Sr. Mortgage Loan Originator
City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com http://www.city1stlasvegas.com
Company NMLS # 3117 | Branch NMLS # 819501
Individual NMLS # 377217 NV #46175
0 votes Thank Flag Link Tue Sep 3, 2013
Suzie, as you can see by the responses, everyone is VERY excited about this new program! I wrote a blog about it trying to explain it in very simple terms which you can view here:

http://www.greatlasvegashomes.com/blog/get-a-mortgage-only-o…

The key points needed to qualify are:

1. At least 12 months have passed and you have reestablished your credit and have a 640 score or higher
2. You are an owner occupant, not an investor
3. You had a significant loss of income for a period lasting at least six months prior to defaulting on your previous loan
4. The reason you had the loss of income was because of something that happened that was beyond your control: death of one of the coborrowers, laid off from job, took a significant pay cut on your existing job, medical calamity (divorce still seems to be a cloudy area)
5. Whatever caused the loss of income has been corrected: found a new job, increase in pay sufficient to cover the new mortgage payment, etc.

If you meet all the above criteria, you definitely need to be checking into this program! All Western Mortgage is taking applications right now. You can contact Eric at 353-6011 or email etonnesen@allwestern.com to get started.
0 votes Thank Flag Link Mon Sep 2, 2013
FHA has waived its 3-year foreclosure-waiting period. Mortgagee Letter 2013-26 Released August 15, 2013. The FHA Back To Work – Extenuating Circumstances program ends September 30, 2016.

Effective for FHA Case Numbers assigned on, or after, August 15, 2013, borrowers with a recent history of bankruptcy, foreclosure, judgment, short sale, loan modification or deed-in-lieu can apply and get FHA-approved for an FHA-insured mortgage.

If you’ve experienced any of the following financial difficulties, you may be eligible :
Pre-foreclosure sales
Short sales
Deed-in-lieu
Foreclosure
Chapter 7 bankruptcy
Chapter 13 bankruptcy
Loan modification
Forbearance agreements READ MORE http://tinyurl.com/l8zrvuy

David Cooper Super Star Investor In Las Vegas Foreclosure Homes Since 1994
READ MORE http://www.lasvegaswinner.org FREE Consultation 702.499.7037
0 votes Thank Flag Link Sun Sep 1, 2013
YES, FHA is changing the rules.

FHA reducing the waiting period for bankruptcies, foreclosures, deeds-in-lieu, and short sales, as well as delinquencies and/or indications of derogatory credit, including collections and judgments for borrowers that can PROVE an Economic Event. Borrowers will have to show that they experienced an "economic event" whereby their household income fell by 20% or more for a period of at least six months. They must also demonstrate that they have fully recovered from the event, and agree to complete housing counseling prior to closing.

Stay tuned and shop for Las Vegas real estate at http://www.LasVegasRealEstateDude.com
0 votes Thank Flag Link Sun Sep 1, 2013
FHA Back to Work – Economic Event Initiative

http://www.freehomeownershiphelp.org/index.php


HUD’s Back to Work – Economic Event initiative is effective with case numbers assigned > August 15, 2013 through September 30, 2016.

Borrowers with a recent history of bankruptcy, foreclosure, judgment, short sale, loan modification or deed-in-lieu can apply and get FHA-approved for an FHA-insured mortgage if they can show they have experienced an Economic Event by providing supporting documentation:


certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control;
the borrower has demonstrated full recovery from the event; and,
the borrower has completed housing counseling by a HUD approved agency.

The following financial difficulties may be eligible:

Pre-foreclosure sales
Short sales
Deed-in-lieu
Foreclosure
Chapter 7 bankruptcy
Chapter 13 bankruptcy
Loan modification
Forbearance agreements






Search http://www.Las-Vegas-Real-Estate-Home.com


Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail:smokey25@cox.net
http://www.philScheinman.com
0 votes Thank Flag Link Sun Sep 1, 2013
Only 60 HUD Back to Work Exemptions nationwide have been granted through May, 2014. See my blog - http://webhosts.ihouseelite.com/Web/AR475125/Blog/post/?post_id=84993. Daniel Richards Agent Las Vegas
Flag Mon Jun 2, 2014
Susie, buying after a Short Sale, yes. But we do know there is a plan for those that have done a Foreclosures also.....a BK, no.

Good luck

Ruth
Web Reference: http://Www.ruthandperry.com
0 votes Thank Flag Link Sun Sep 1, 2013
You just need to show 20% reduction of income and no lates. I have a lender that's very familiar with the program.
0 votes Thank Flag Link Sun Sep 1, 2013
Only 60 HUD Back to Work Exemptions nationwide have been granted through May, 2014. See my blog - http://webhosts.ihouseelite.com/Web/AR475125/Blog/post/?post_id=84993. Daniel Richards Agent Las Vegas
Flag Mon Jun 2, 2014
Susie, There are many changes including programs that will allow a purchase of a new home within 1 year after a short sale but I am not sure about BK. Please contact Jerome Neidorf with Southern Fidelity at 702-595-4118 as he can answer all your loan questions.

As sales agents we ( David & Alana Morgan) can help you get answers to all your home purchase questions. If you need an other questions answered please contact us at morgansselllasvegas@gmail.com or call at 702-325-4293. Thanks
0 votes Thank Flag Link Sun Sep 1, 2013
FHA Back to Work – Economic Event Initiative

http://www.freehomeownershiphelp.org/index.php


HUD’s Back to Work – Economic Event initiative is effective with case numbers assigned > August 15, 2013 through September 30, 2016.

Borrowers with a recent history of bankruptcy, foreclosure, judgment, short sale, loan modification or deed-in-lieu can apply and get FHA-approved for an FHA-insured mortgage if they can show they have experienced an Economic Event by providing supporting documentation:


certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control;
the borrower has demonstrated full recovery from the event; and,
the borrower has completed housing counseling by a HUD approved agency.

The following financial difficulties may be eligible:

Pre-foreclosure sales
Short sales
Deed-in-lieu
Foreclosure
Chapter 7 bankruptcy
Chapter 13 bankruptcy
Loan modification
Forbearance agreements






Search http://www.Las-Vegas-Real-Estate-Home.com


Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail:smokey25@cox.net

http://www.philScheinman.com
0 votes Thank Flag Link Sun Sep 1, 2013
Hi Suzie - Yes. My preferred lender has all this info - basically, there has to be proof of the extenuating circumstances that led to the BK or SS. You can call: Tim Deibert, All Western Mortgage, 702 369-0905. Good Luck!
0 votes Thank Flag Link Sun Sep 1, 2013
Only 60 HUD Back to Work Exemptions nationwide have been granted through May, 2014. This is not a viable program for 99% of distressed buyers.
See my blog - http://webhosts.ihouseelite.com/Web/AR475125/Blog/post/?post_id=84993. Daniel Richards Agent Las Vegas
Flag Mon Jun 2, 2014
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