Waiting Period: The Federal Housing Administration (FHA)
is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to reenter the market in as little as 12 months, according to a mortgage letter released Friday. In order to be eligible for the more lenient approval process, provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond the borrower’s control. The new guidance is for case numbers assigned on or after August 15, 2013, and is effective through September 30, 2016. Read more ....
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