Let’s face it, so very many of us are just a few paychecks away from facing financial turmoil. So with the loss of a job or a significant decrease in income it’s no surprise that many people face foreclosure or a short-sale option. Often times within a year or so the previous home owner is back on his or her feet and ready to regain home-ownership in an affordable house. Unfortunately the typical waiting period to get an FHA mortgage after a foreclosure is at least 3 years and even that is dependent upon how quickly the paperwork is filed. Fortunately there is a new lending program in place that will reduce this waiting period to one year so that you are able to regain your way of life and create some roots for your family. With this amazing program does come some requirements. The first requirement is that you are able to provide documentation showing loss of employment or a reduction of your income by at least 20%. During this shortened one year waiting period you would also be required to have no late housing payments (rent), no more than 30 day late payment on all other accounts, and no accounts in collection. If you feel you can meet these simple requirements and want to take the next step to regaining your old life quicker than you ever thought possible than contact us to help get you started in the right direction.