Intero Insider – Housing Roundup: A Second Chance, High Earners and Precious Affordability

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By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

Insider - back to work programWith the busiest home-buying season of the year upon us, we thought we’d do a roundup of interesting housing news from the week.

This time of year, it can be easy to stick our heads in the sand and move forward without stopping to get a bird’s eye view of the state of things. Here are some items that point to specific points of the housing spectrum that are worth keeping an eye on.

FHA program gives former homeowners chance to buy sooner

Homeowners who lost their homes to a short sale or foreclosure typically are required to wait three years before being able to purchase a home again with a Federal Housing Administration loan. That number is more like seven years for a conventional loan, though it can vary with special documentation and circumstances.

But FHA’s Back to Work Program allows buyers to purchase a primary home much sooner – potentially as soon as 12 months after a short sale, foreclosure or deed in lieu of foreclosure.

To qualify, buyers will need to document the financial problem that caused their short sale or foreclosure, and show that that they’ve taken steps to re-establish income and credit.

The program is slated to run through September 30, 2016. Details are at the FHA website.

Cities where homeowners have the highest incomes

The metro area of San Jose/Sunnyvale/Santa Clara, Calif., is home to some of the nation’s highest-earning homeowners, with median incomes at $115,297, according to a recent analysis from the National Association of Home Builders.

To compare, the median household income of owner-occupied housing nationwide is $65,514.

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