The Federal Housing Administration (FHA) has trimmed the waiting period for borrowers that had a foreclosure, bankruptcy, and short sale to one year for FHA Case numbers assigned on or after August 15, 2013.
Prior a borrower that had a bankruptcy had to wait three years and for a short sale or foreclosure two years before becoming eligible to purchase a new home with an FHA insured home mortgage.
If you experienced any of the following financial issues recently you may be eligible sooner rather than later:
- Short Sale
- Pre-foreclosure sales
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Loan Modification
- Forbearance agreement
First a buyer must prove that the foreclosure or short sale was cause…