New mortgage available one year after foreclosure under rule change in Florida

Thousands of blacklisted Florida borrowers who lost a home to foreclosure can get back into the housing market more quickly under a rule change that reduces the wait time for getting a new mortgage.

The Federal Housing Administration will approve certain borrowers for a home loan just one year after a foreclosure, short sale, deed-in-lieu of foreclosure or bankruptcy. FHA’s previous timeline was three years for a short sale and foreclosure, and two years for a bankruptcy.

Leave a Reply

Your email address will not be published. Required fields are marked *