FHA shrinks waiting period for families that have had foreclosures and short sales – Now is the time to buy

FHA shrinks waiting period for families that have had foreclosures and short sales – Now is the time to buy. If you have had a home that was foreclosed on or were forced to do a “Short Sale” and were told the waiting period to be able to purchase again was 5-7 years, please read this.

I have been talking about and hearing for a year or so that this was coming but now it is great to hear that help is on the way for those who were put into a position of having to do a short sale or had their homes foreclosed on.  It was apparent from the outset that the government was not going to be able to enforce the extended wait times initially expected for those who suffered the loss to be able to purchase homes again. The economy relies heavily on the housing market and in order to get us moving in the right direction I felt this was coming.

The FHA has revised their guidelines to assist borrowers in being able to purchase homes in as little as 12 months after a foreclosure or short sale. Borrowers must demonstrate they have fully recovered from the event that caused the hardship and complete housing counseling but this is welcome news to anyone who has had to go through losing a home.

You can read the full article from DSNews.com here:

FHA Trims Waiting Period For Purchases

If you or someone you know has had to do a Short Sale on their home or have had their homes foreclosed on and are on the road to recovery please reach out to us and let us put you in touch with one of our preferred lenders so we can get you back into your OWN home.

Call Text 770-277-6652

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