FHA gifts prior offending homeowners a shortened wait to purchase another home

Posted by Bonnie Martin Designated Broker on Tuesday, October 15th, 2013 at 7:50am.

househill_sellingpix_450homes.yahoo.com - The Federal Housing Administration (FHA) recently enacted a rule change allowing borrowers who have fallen into foreclosure, bankruptcy, or a short sale to become eligible for a brand new mortgage backed by the FHA in as little as one year from the date of their previous foreclosure auction, the date of closing on a short sale, or the discharge date on a Chapter 7 bankruptcy. Considering the previous waiting period for a government-backed mortgage was three years, the new rule that shortens the wait to one year is a shiny new present to buyers who had all but accepted the reality of becoming renters for the foreseeable future. The new rule is in effect till Sept. 30, 2016.

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