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FHA eases rules for some borrowers after bankruptcy, foreclosure
To qualify for the break, FHA borrowers must show that their foreclosure or bankruptcy was caused by external economic factors.
Some borrowers who defaulted on previous mortgages can now get a new FHA… (Justin Sullivan / Getty…)
The Federal Housing Administration wants to make it easier for people who have defaulted on their mortgages to get a new home loan with FHA backing.
But there’s a catch. To qualify for the break, borrowers must show that their foreclosure or bankruptcy was caused by external economic factors, reducing their income by 20% or more for six months. And no, you can’t have quit your job or have been fired for cause.
By E. Scott Reckard Los Angeles Times
Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank
