FHA Cuts Waiting Period to 1 Year for Buyers Who Earlier Faced Foreclosure

FHA Cuts Waiting Period to 1 Year for Buyers Who Earlier Faced Foreclosure

From Nick Timiraos at the WSJ: New Lifeline for Home Buyers   

A recent rule change lets certain borrowers who have gone through a foreclosure, bankruptcy or other adverse event-but who have repaired their credit-become eligible to receive a new mortgage backed by the Federal Housing Administration after waiting as little as one year. Previously, they had to wait at least three years before they could qualify for a new government-backed loan.  To be eligible for the new FHA loans, borrowers must show…

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