After the great real estate crash of 2007, many homeowners fell victim to toxic loan programs, economic challenges and financial hardship. There’s light at the end of the tunnel! Buying a home after a bankruptcy, foreclosure, short sale or deed in lieu of foreclosure can be as little as 2 or 3 years away. We’ve created this series of educational videos to share with you the underwriting requirements of lenders that determine the timeline for when you can buy again. If you still have questions, below are two of our most popular posts which have hundreds of questions from families just like you. I have done my best to answer every single question with as detailed an answer as possible to help others that may find themselves in a similar situation.
Newly updated to include the FHA Back to Work Extenuating Circumstance and Jumbo Mortgage Lending Guidelines, this post includes almost 700 questions and answers, and finding a situation similar to yours is quite possible.
August 2013: FHA acknowledges recession as cause of bankruptcy, foreclosure, short sale or deed in lieu. If you experienced one of these hardships after a 20% or more drop in household income, you’ll want to read this:
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