Many people who lost their homes in the financial crisis have had to wait at least three years to buy again.
However, the Federal Housing Administration (FHA) has created the “Back to Work” loan program, which waives its three year foreclosure waiting period.
You may qualify for this program if you have a recent history of bankruptcy, foreclosure, short sale, loan modification or deed-in-lieu.
There are some FHA Mortgage Guidelines, which include:
-Mortgage applicants must show a minimum credit score of 500; make a down payment of at least 3.5% on a purchase; and verify income via W-2 or federal tax returns.
-The guidelines also include a U.S. citizenship requirement for borrowers; relocation rules for trailing homes and income; and, minimum standards for condominiums and co-ops.
-On August 15, 2013, the Federal Housing Administration moved to relax its guidelines for borrowers who “experienced periods of financial difficulty due to extenuating circumstances”.
Read more here.