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.
Subscribers get total access to this story, and all our in-depth news, digital editions and exclusive content. Subscribe today, or try a 24-hour or 7-day digital pass.
Registered Post Subscriber — Sign me in.Sign In
Post Print Subscriber — I need to register my account for digital access.Access Digital
All Day Access — 24-hour digital pass99¢ for 24 hours
All Week Access — 7-day digital pass$3.99 for 7 days
All Access, All the Time — Print & DigitalView Offers
*Foreclosure, short sale or bankruptcy was the result of income or job loss beyond the borrower’s control.
*The borrower has financially recovered from the event.
*It’s been one year since the event, such as from a foreclosure auction or short sale closing.
*Borrower has completed housing counseling.