Can you buy a house one year after a foreclosure, short sale or deed in lieu?

Can you buy a house one year
after a foreclosure, short sale or deed in lieu?

Yes YOU can buy a house one year after a foreclosure, short sale or deed in lieu.
But . .  . You must qualify to for a loan under the NEW FHA Guidelines
and take the required classes known as Housing Counseling.

Did you lose your job and as a result lose your home in Hawaii by foreclosure, short sale or deed in lieu?

I can help you buy a house after 1 year from a Short Sale in Maui. In the cities of Kihei, Makawao, Wailea, Kahului, Wailuku, Paia, Kula, Lahaina, Kapalua and Pukalani there are great opportunities to buy at the right time.

PLEASE: Do not try this on your own.
You need to call a smart Realtor like Howard Dinits R(B) 
of Dinits Realty 808-874-0600 to begin the process and get back in your very own home again.

Howard will guide you through every step to make sure you are successful.

On August 15, 2013 HUD released Mortgagee Letter 2013-26 which outlines new guidelines for considering a borrower for a new FHA home loan after someone has experienced short sale, foreclosure, deed-in-lieu or bankruptcy.  HUD has recognized that many borrowers had extenuating circumstances during the economic down turn that resulted in them facing hardships.   These new underwriting guidelines are in effect as of August 15, 2013.

To that end, FHA is allowing for the consideration of borrowers who have experienced an “economic event” AND can document the following:

1.  certain credit impairments were the result of a Loss of Employment or significant loss of Household Income beyond the borrower’s control;

2.  the borrower has demonstrated fully recovery from the event, AND;

3.  the borrower has completed housing counseling.

If you have experienced one of these hardships and have gotten back on track you will want to contact a mortgage lender to see if you qualify.

On August 15, 2013 HUD released Mortgagee Letter 2013-26 which outlines new guidelines for considering a borrower for a new FHA home loan after someone has experienced short sale, foreclosure, deed-in-lieu or bankruptcy.  HUD has recognized that many borrowers had extenuating circumstances during the economic down turn that resulted in them facing hardships.   These new underwriting guidelines are in effect as of August 15, 2013.

To that end, FHA is allowing for the consideration of borrowers who have experienced an “economic event” AND can document the following:

1.  certain credit impairments were the result of a Loss of Employment or significant loss of Household Income beyond the borrower’s control;

2.  the borrower has demonstrated fully recovery from the event, AND;

3.  the borrower has completed housing counseling.

If you have experienced one of these hardships and have gotten back on track you will want to contact a mortgage lender to see if you qualify.

On August 15, 2013 HUD released Mortgagee Letter 2013-26 which outlines new guidelines for considering a borrower for a new FHA home loan after someone has experienced short sale, foreclosure, deed-in-lieu or bankruptcy. HUD has recognized that many borrowers had extenuating circumstances during the economic down turn that resulted in them facing hardships. These new underwriting guidelines are in effect as of August 15, 2013.
http://portal.hud.gov/hudportal/documents/huddoc?id=13-26ml.pdf

FHA is NOW allowing for the consideration of borrowers who have experienced an “economic event” AND can document the following:
1. certain credit impairments were the result of a Loss of Employment or significant loss of Household Income beyond the borrower’s control;

2. the borrower has demonstrated fully recovery from the event, AND;

3. the borrower has completed housing counseling.
If you have experienced one of these hardships and are back on your feet again and are READY to BUY a house.  Then you will want to contact one of our preferred mortgage lenders <https://easymauirealestate.com/Business-Partners> to see if you qualify.
Here is some information regarding Housing counseling.

Economic Event-Related Factor – Housing Counseling
Housing Counseling
1. Satisfactory Housing Counseling: Requirements
To qualify for purposes of establishing Satisfactory Credit following an Economic Event, participants in this FHA initiative must:
receive homeownership counseling or a combination of homeownership education and counseling provided that each participant receives, at a minimum, one hour of one-on-one counseling from HUD-approved housing counseling agencies, as defined at 24 C.F.R. §214.100. The counseling must address the cause of the economic event and the actions taken to overcome the economic event and reduce the likelihood of reoccurrence. The housing education may be provided by HUD-approved housing counseling agencies, state housing finance agencies, approved intermediaries or their sub-grantees, or through an on-line course, and be completed a minimum of thirty (30) days but no more than six (6) months prior to submitting a loan application to a lender, as application is defined in Regulation X, implementing the Real Estate Settlement Procedures Act, 24 C.F.R. §3500.2(b).

Housing counseling may be conducted in person, via telephone, via internet, or other methods approved by HUD, and mutually agreed upon by the borrower and housing counseling agency, as provided for in the regulations at 24 CFR §214.300 and in the Housing Counseling Handbook.
A list of agencies can be obtained online at http://www.hud.gov/ or by calling 1 (800) 569-4287.

buy a house after 1 year from a Short Sale date,
buy a house after 1 year from a Deed In Lieu date,
buy a house after 1 year from a Foreclosure date

Call  Howard Dinits R(B)
of Dinits Realty 808-874-0600 to begin the process and get back in your very own home again.

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