I have heard this question over and over again, and until now, I was unable to say yes. The old tried and true method of approval is: 2 years out of bankruptcy, 3 years from short sales or foreclosures. With this new program from FHA called "Back to Work", it enables an individual with a bankruptcy/ foreclosure/ short sale, to purchase a home after 1 year. If they lost their job and earned much lower income while collecting unemployment, or had to take a much lesser paying job, they may be eligible for this program. The catch is that a borrower must be able to show that they had good credit prior to their loss of job, and good credit reestablished for the past 12 months since this life changing event. This program has and will open many new doors for home-ownership in 2014 and beyond.
For more information please contact me at 610 837 1600 or 484 695 5972
Andy Williams 118317
President
Abacus Regional Mortgage 113984
www.abacusmort.com
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