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FHA announced on August 15, 2013 that the wait period will be reduced to one year under FHA's Back to Work Program. Borrowers with as little as 3.50% down payment after having a short sale, bankruptcy, or foreclosure can apply. This is subject to guidelines such as having experienced an Economic Event which is beyond your control that resulted in a Loss of Employment or Loss of Income. Note: If you were delinquent on a prior FHA loan, you will not be able to buy after one year with this FHA program.
Conventional financing will allow a home purchase after two years with a 20% down payment . Only have 10% down payment? The wait time is 4 years.
Veterans can apply for 100% financing with a VA loan after a short sale with a 2 year wait period.. Other factors may apply so check with your local mortgage professional for all the details and then begin on the road to home ownership again.