FHA Reduces Homebuyer Waiting Period for Victims of Recession

FHA Back to Work Announcement: August 2013: Boomerang buyers are able to buy again a little sooner after FHA’s recent announcement of the Back to Work – Extenuating Circumstances exception. People that lost their homes due to a loss in employment or income, now have the ability to buy as soon as 12 months after a bankruptcy, foreclosure, short sale or a deed in lieu. Extenuating Circumstances This is long awaited program that adds specification to the extenuating circumstances exception guidelines to specifically address shortening the waiting period to buy a home after the hardship. Extenuating Circumstance exceptions are typically very vague and rarely granted.  Unlike other extenuating circumstance definitions, the Back to Work program gives us a very clear...

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