Dwayne & Maryanne Moyers



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The Moyers Team, Northern Virginia Residential Real Estate Agents

Maryanne Moyers, Managing Broker
Weichert Realtors

Cell: 540-379-7359
Office: 703-897-4777
e-mail: maryanne.moyers@gmail.com

Dwayne Moyers, Realtor

Weichert Realtors

Cell: 540-446-6284
Office: 540-720-7263
e-mail: MoyersTeam@gmail.com

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Federal Housing Administration

FHA Loan Guidelines After Bankruptcy and Foreclosure

FHA Loan Guidelines After Bankruptcy and Foreclosure

You may now purchase a home 12 months after an economic event such as a foreclosure, short sale, deed-in-lieu of foreclosure, Chapter 7 bankruptcy, Chapter 13 bankruptcy, loan modification, and forbearance agreement. On August 15, 2013 the Federal Housing Administration (FHA) enacted the Back To Work-Extenuating Circumstances Program for those who have experienced these economic events due to unemployment or minimum 20% loss of household income during the recent recession.

The Back To Work-Extenuating Circumstances Program adheres to standard FHA mortgage guidelines. The guidelines for FHA insured loans include at least a 500 credit score, 3.5% down payment, and income verification through federal tax records. This program is available for both first-time and repeat home buyers, and 203K construction loans also qualify. Borrowers without a credit score remain eligible. Other program requirements are listed below:

Virginia FHA Mortgage Insurance Premiums

If you’re beginning the process of buying your next home, it’s time to get moving if you’re considering a FHA loan. The Federal Housing Administration has recently announced increases for FHA Annual Mortgage Insurance Premiums (MIP), and Upfront Mortgage Insurance Premiums (UFMIP).

But FHA insured loans are now popular because guidelines require a minimum credit score of 580 with a minimum down payment of 3.5% of the sales price. According to the FHA, loans have increased from 4.5% in 2005 to 40% of housing purchases in 2010. This has appears to be the catalyst for raising the MIP for FHA loans for the fourth time in 2 years. The latest changes involving both MIP and UFMIP are as follows: The Federal Housing Administration has made these adjustments to encourage the return of private investment into the residential mortgage market. Increasing MIP has become necessary to secure the FHA… Continue reading