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FHA Changes Regulations – May Allow Those Involved with Foreclosure to Become Homeowners Within One Year
The FHA recently announced “Back to Work – Extenuating Circumstances” which may allow those who had been involved in a short sale or foreclosure the ability to get an FHA mortgage loan as soon as one year after the event.
WHAT DOES THAT MEAN?
In addition to meeting all FHA mortgage criteria, applicants will also have to demonstrate that they experienced an economic event that was the circumstance that caused the reduction in income. Additionally they will have to participate in specialized housing counseling and be able to demonstrate that their situation has improved and income is steady.
This is good news for people in Western MA who may have been involved in a foreclosure or short sale that was caused by a loss of work, illness, divorce or other severe circumstances.
These changes were spelled out in HUD’s Mortgagee Letter 2013-26 which you can view here.
If you live in Western MA and have been involved in foreclosure or short sale and are interested in becoming a homeowner again, please get in touch! Lesley Lambert, Park Square Realty, 413-575-3611
Stoney Hill Condominiums, Westfield, MA 01085 Real Estate Market Report
Here is the updated real estate market report for 419 Southwick Road, Westfield, MA 01085, Stoney Hill Condominiums. This report will show the activity over the last six months. If you are thinking of buying or selling a condominium in Stoney Hill Condominiums, I would love to work with you.
To search for condos available in Westfield now:
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Two Family Investment Home For Sale: 11 W. School St, Westfield, MA 01085
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What Back to School Means for Western MA Real Estate
Well, it is back to school time in Western Massachusetts! I put my two girls on the bus for their first day yesterday, which signified the end of another summer of “Camp Real Estate” for them and the return of daytime sanity for me!
While you may share my relief at the return of school, you are probably wondering right now…”What does that have to do with real estate?”.
Well, in Western MA it means the beginning of what is historically the hottest real estate season in the year. I know, you thought Spring was the best time to sell a house in Western MA, but you were wrong! Historically we do more business in the fall than in the spring.
To hear more on this, listen to my latest podcast:
Lesley Lambert of Park Square Realty, Westfield MA real estate
