The waiting period after a bankruptcy, foreclosure, or short sale has been reduced to just one year from the event!
Back To Work FHA Program Requirements:
• Purchase Transactions Only.
• Housing counseling must be completed 30 days prior to loan application.
• The bankruptcy, foreclosure or short sale MUST be related directly to the loss of job or 20% income reduction for at least 6 months. This hardship needs paperwork documentation.
• Credit must have been satisfactory before the bankruptcy, foreclosure or short sale and be satisfactory for a minimum of 12 months after the event.