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2012-06-02 09:00:35
Foreclosed homeowners finding their way back to ho

A wonderful article recently published by Reuters tells the stories of various people throughout the country who have lost their homes to foreclosure and are already back in homeownership. 

According to federal guidelines, people who have foreclosures on their records cannot obtain new government-backed financing for 2 years.  However, some people (like those in the article) are securing FHA financing with as little as 3.5% down in less than 2 years.  These people were able to rebuild their credit scores to the minimum approval FHA level (or above) in that period of time and meet the rest of the FHA guidelines. 

Is this good for the market?  The fear is that, with only 3.5% equity in the home to begin with, if prices go down then the homeowner will again be underwater.  The question, as posed in the article, is: did the person lose their previous home to foreclosure because of a loss of job or other related hardship or because they just chose to give up their home?  If it is the former, then likely they will be a better risk than if it is the latter. 

Unfortunately, we have seen a rise in the number of delinquent FHA loans in the marketplace.  Is this a temporary setback or a trend to watch? 


Prudential California Realty, North San Diego County and Carlsbad Real Estate 

Bryan & Allison Devore

Prudential California Realty

(760) 908-3838


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