The Great Recession took it’s toll on many homeowners across the nation, and many of those homeowners had their homes go under foreclosure. Many of those homeowners have now recovered to the point that they have been ready to reenter the housing market, but their previous foreclosure prevented them from buying a home again. That is about to change.
The Federal Housing Administration has added economic events to its list of extenuating circumstances and reduced the waiting period between foreclosure and loan qualification from 36 months to 12 months.
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