Going through a bankruptcy, short sale or foreclosure may seem like a life sentence of bad credit...
Although it is true that a bankruptcy will appear on your credit for 10 years, the good news is that the FHA (Federal Housing Administration), will loan again to you after three years after a foreclosure with as little as 3.5% down. The best news of all, the rates for FHA loans remain lower and there is more flexibility in calculating household income and payment ratios.
In fact, the FHA has loans for those buyers looking to buy "fixer uppers", these loans add the repair cost on to the total loan. There are loans that encourage energy efficient products with the FHA Energy-Efficient Mortgage. There are even loans designed especially for senior citizens. Looking for a loan especially for mobile homes and manufactured homes? For more information about how the FHA can assist you in buying a home, check out www.hud.gov/buying/loans.cfm
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