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3 years ago

If the borrower has a previous foreclosure, can he use FHA to purchase a new home?

Business

1 answer:

snow_tiger [21]3 years ago

6 0

Answer:

Yes he can use FHA

Explanation:

Because FHA Loans are the most forgiving of foreclosures. To qualify for an FHA mortgage loan, you must wait at least three years after the foreclosure. The three year clock starts ticking from the time that the foreclosure case has ended, usually from the date that you prior home was sold in the foreclosure preceeding. If the foreclosure also involved an FHA loan, the three year waiting periods starts from the date that FHA paid the prior lender on its claim

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Therefore, the best option in this case is (a)

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Explanation:

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Goshia [24]

Answer:

See answers below in the explanation

Explanation:

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Date Account and Explanation Debit Credit

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i No journal entry required

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3 years ago

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3 years ago

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alexira [117]

Answer:

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Explanation:

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