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Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

5 Myths: Becoming A Homeowner After Foreclosure-Short Sale-Bankruptcy
 
This information is from one of my favorite local mortgage specialists and posted here with her blessing.  Janice Wescott is the Vice President and Senior Mortgage Banker at Reliant Mortgage.  If you are considering getting back into a home, give me a call.  We'll get together with Janice, put together a plan, and get you back on the path to home ownership.
Anyone who has been through the pain and frustration of a foreclosure, short sale, or bankruptcy has also had to deal with the advice of well meaning friends and family members.  All too often this "helpful" advice is simply wrong.  Our guest blogger, Janice Wescott, sets the record straight.


Myth #1 – I HAVE TO WAIT 7 YEARS BEFORE I CAN GET A LOAN
You do not have to wait 7 years to qualify for a mortgage after going through a mortgage delinquency and/or a bankruptcy. If you went through a Chapter 13 Bankruptcy, you only have to have completed 1 year of your repayment plan to qualify for an FHA Loan. FHA financing also allows you to qualify for a loan after 3 years from the date of a foreclosure on a previous home. If ... more

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