search

The Real Deal Logo

Trending

Evictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHousing deal could rescue Halletts North, other stalled projectsHousing deal could rescue Halletts North, other stalled projectsHow NYC fits into the broker commission battleHow NYC fits into the broker commission battle
South Florida

Home loan rules loosen for PB County buyers

Changes to federal housing loan guidelines are giving Palm Beach County residential observers hope that borrowers who lost homes to foreclosure could soon become eligible for new mortgages.

Sign Up for the undefined Newsletter

Recent modifications to Federal Housing Administration standards and enhancements of Fannie Mae’s loan approval systems may result in 2014 being the year of the “boomerang buyer,” the Palm Beach Post reported. Former homeowners are expected to have the chance to buy again as soon as one year after the resolution of their foreclosure cases. One Jupiter mortgage broker said his company is already obtaining financing for buyers who faced foreclosure after the housing market collapse.

That would be big news for the Palm Beach County market, which has had 110,000 foreclosure actions filed in the last six years. Short sales in the county have declined from 2,625 in 2012 to 1,646 through October 2013. [Palm Beach Post] — Eric Kalis

Tags
Fannie MaeFederal Housing Administration