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On August 15, 2013, the Federal Housing Administration (FHA) relaxed its three (3) year waiting period on foreclosures and other “economic events” which would have heretofore prevented a borrower from qualifying for a loan for the purchase of a primary residence.   For FHA case numbers assigned on or after August 15, 2013, a homebuyer with prior credit problems can apply for an FHA insured mortgage loan. 


Mortgage insurance, which is required on all FHA loans, is provided by homebuyers in order to insure the lender against  a loss resulting from  a foreclosure.  For more information regarding FHA mortgage insurance and other requirements relating to FHA loans, please see my prior blog articles.  FHA mortgage insurance is generally available for any loan which is made by an approved FHA lender  and meets minimum standards of the FHA Mortgage Guidelines. 

From our offices in Decatur, Alabama, we represent clients in Morgan, Madison, Cullman, Lawrence, and Limestone Counties, including the communities of Decatur, Huntsville, Madison, Hartselle, Cullman, and Athens.

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