If you are one of the many people who have suffered during the recession, and you had to let your house go into foreclosure or had to file bankruptcy, you may be able to finance a house sooner through the FHA.

The new FHA guidelines limit the new guidelines to help homeowners who prove that they had a severe reduction in pay or job loss that was the cause of losing their home. The homeowners need to show that their credit has since fully recovered. There are also other requirements such as completing a one-on-one counseling session. There is a hitch, that is, it is still voluntary for the lender.

The lesson to learn from this is that, even after a foreclosure and/or bankruptcy, it is possible to finance another home quickly. But, after that event, you need to be careful to build your credit up, and pay everything on time, to build your score. That will give you the best chance of success in financing another house.

Call for a free in-depth consultation with us. We can discuss your whole financial situation, and your credit goals.

Daniel J. Winter
BankruptcyLawChicagoBlog.com
djw@DWinterLaw.com
312-789-9999