Dover Mortgage Company - Wholesale - Wholesale - Agency, FHA/VA

Acting FHA Commissioner Carole J. Galante announced that FHA will extend its waiver of anti-flipping regulations throughout 2012. This move is intended to stimulate slack housing markets while offering a solution to long-standing vacant properties and resulting neighborhood blight. Real estate investors no longer inhibited by FHA rules against flipping, a practice where investors buy homes, repair them and quickly resell them, can take advantage of incentives offered by banks and other institutional lenders attempting to sell off foreclosed homes.

FHA loans and bankruptcy

It’s likely no surprise, bankruptcies across the US are on the increase, a reality which raises an important question: Can you get an FHA loan after a bankruptcy?
“U.S. consumer bankruptcies increased 9 percent nationwide in 2010 from the previous year,” according to the  (ABI).
“The data showed that the overall consumer filing total for the 2010 calendar year (Jan. 1 – Dec. 31, 2010) reached 1,530,078 compared to the 1,407,788 total consumer filings recorded during 2009. Annual consumer filings have increased each year since the Bankruptcy Abuse Prevention and Consumer Prevention Act was enacted in 2005.”