is the fha wait after a foreclosure still 3 years? if so is it possible to change in the next year or two

This is your lucky day.. FHA just announced on Monday that they have a new loan product for borrowers with a short sale or foreclosure where they can purchase if they have had no late payments on any obligations in the past 12 months, and they can document a 20% or more reduction in income during the time they lost their home.. Since this program was just released, it might take a few weeks for lenders to adapt the program, so be patient.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Well, it MIGHT be your lucky day... FHA just announced some new rules, where if you meet VERY STRINGENT guidelines, you MIGHT qualify sooner than three years. It was just announced, so no lender offers it yet, and my experiences says very few lenders ever will due to the high risk. Read my blog article right here on Lender 411 for more information at http://www.lender411.com/mortgage-articles/10331/fha-new-foreclosure-policy

William is correct. The program FHA just released is called 'Back To Work'. There will be some hoops to jump through to document you qualify for it, but if you do you could get another FHA loan in as little as 12 months after a foreclosure or short sale.

The program that William mentioned will require alot of documentation and may be very hard to obtain, but we will see.

Only 12 months, in some cases. Se William and Charlie's reports.

FHA insured mortgages are generally not available to borrowers whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous three years. However, if the foreclosure of the borrower's main residence was the result of extenuating circumstances, an exception may be granted if they have since established good credit. This does not include the inability to sell a home when transferring from one area to another.emarez@thefederalsavingsbank.com

FHA's "Back to Work - Extenuating Circumstances" program is available to borrowers who have had a Pre-Foreclosure Sale, Deed -in Lieu, Foreclosure, or BK are eligible if they meet certain underwriting guideline criteria. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Yes the Back to Work Program will be available within the next couple of weeks. We are speaking to a lender that is meeting about it now to launch it very soon.

It has changed to one year. Get with a broker who knows what they are doing. Andrew