For some Columbia SC Homeowner’s who short sold their home and thought they had to wait years to own again. Great News! Policy changes by the two biggest mortgage players could possibly open doors thought closed by millions.
For some Columbia SC homeowner’s; FHA’s policy change may prove to be an even more generous. FHA wants to see hard evidence of what economic events beyond the borrowers’ control — loss of a job, serious illness or death of a wage earner, for example — led to the delinquency or loss of the house. Columbia homeowner’s must be able to show 12 months of solid credit behavior, participate in a housing counseling program and get through the agency’s underwriting hoops. But unlike either Fannie or Freddie, if you qualify under FHA’s revised rules, which are now in effect, and your lender approves, you might be able to buy a house with a new, low-down-payment mortgage in as little as a year.