august: FHA Says You Can Buy a Home Just 12 Months After Foreclosure - 09/20/13 04:48 AM
For homeowners that have gone through the emotional and financial devastation of a foreclosure, there may be a way to buy again, and soon.
Under a new federal rule, FHA is cutting the waiting period to reapply for a loan for persons who lost their job which then resulted in defaulting on their mortgage.  They can now qualify for a new loan in as little as 1 year following a foreclosure.
Traditionally, after a foreclosure it could take up to seven years to qualify for a conventional loan again and takes a minimum of three years if applying for a government … (5 comments)