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FHA Changes-Some buyers can now qualify 12 mos after Foreclosure or BK
Laura has put together a good explanation of the changes that FHA has put into place to try to help more people who were pushed into foreclosure, short sale or bankruptcy due to job loss or major negative economic change in their life.  This is a great opportunity for some who otherwise would be looking at waiting another couple years before they could buy again.
FHA Changes-Some buyers can now qualify 12 mos after Foreclosure or BK.
Lost your job and lost your home or filed bankruptcy?FHA says you are not completely out of luck.   FHA guidelines on Foreclosures, Bankruptcy and short sales have up to now not accepted loss of job or income as an extenuating circumstance when trying to qualify for a loan before the standard waiting periods.
In a change released on Aug 15th, HUD will now allow some buyers to qualify 12 months after a foreclosure, short sale or bankruptcy if it was caused by a loss of a job or reduction in household income.
FHA requires the following waiting periods after certain derogatory credit.
Foreclosure: FHA generally requires that at least 3 years pass after a foreclosure before a buyer is eligible for an FHA Loan.
Short Sale: A buyer ... more

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