As I’ve been talking about for the last few weeks, new HUD guidelines were released which allow people who have had a foreclosure, short sale, pre-foreclosure, or bankruptcy to purchase a home in as little as 12 months from the incident. To qualify there are certain requirements which must be met, including meeting minimum credit guidelines, showing an economic event, and taking a housing counseling course, which is also known as a pre-purchase education course.

The housing counseling course is an 8 hour course which must be completed a minimum of 30 days prior to applying for a new loan. Due to the intensive nature of the material, this course is split into 4 2-hour courses over a period of 4 weeks. So, to take full advantage of the new HUD guidelines, you want to take this course around 10 months after the negative incident. A qualified mortgage specialist would be able to help you calculate the appropriate time to begin the course.

If you are interested in taking the course and you live in the greater Detroit area, Jewish Vocational Services is a licensed provider that offers the course. For more information on the program, you can look at this informational brochure, or you can look at their full home buyers website. To schedule your class and take the first step toward a fresh start, contact Clarissa McMillan.

If you have any questions about the new HUD guidelines or what is required of you in this housing counseling course, please contact me. And if you have anything to add about the course, please leave a message.