• Lending
  • Feb 27, 2014
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Buying with a prior foreclosure

FHA added an “economic event” category that could help some borrowers qualify sooner to buy again. If they had a previous short sale, BK, or foreclosure due to an economic event that caused the loss of job or loss of income, they could potentially purchase after just 1 year instead of waiting the full seasoning time frame–which can be 2 or 3 years.

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