For you buyers looking for homes on the market, I know it must've been very discouraging for you this past year, but things are loosening up, and it's important now you keep focused and make sure you're working with a GOOD FHA or VA mortgage lender.
With these two loan types in particular, your lender is of UTMOST importance in getting the deal done for you. Why? With FHA, your loan gets assigned a case number, and if that loan is placed in the hands of an inexperienced lender who doesn't know the ins-and-outs, it could mean bye-bye loan, an angry seller, canceling escrow, and utter disappointment. Save yourself the grief.
FHA has also made some changes where they've shortened the mandatory waiting periods to get an FHA loan:
-3 years from a short sale -3 years from a foreclosure -2 years from a bankruptcy
In some cases, if the short sale, foreclosure, or bankruptcy came from a documented income loss of 20% or more, you might qualify for another purchase within 12 months of the event.
So if you're thinking about tapping out of the game, don't do it just yet. Stay strong!
Caroline Choi Real Estate
Caroline Sells The City LA