HUD Announces: Program For Shorter Waiting Period after Bankruptcy, Foreclosure, and Short Sale.
The waiting period after a bankruptcy, foreclosure, or short sale has been reduced to just one year from the event!
Program Requirements:*
- Purchase Transactions Only.
- Housing counseling must be completed 30 days prior to loan application.
- The bankruptcy, foreclosure or short sale must be related directly to the loss of a job OR 20% income reduction reduction for at least 6 months.
- Credit must have been satisfactory before the bankruptcy, foreclosure or short sale and be satisfactory for a minimum of 12 months after the event.
*Program requirements may change
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