FHA Waives Waiting Periods for Negative Credit Reportings

New FHA programs make it easier for buyers who were affected by the financial crisis to rebuild. Waiting periods for home buyers with foreclosures and bankruptcies on their credit can now be waived.

Ex-Homeowners, who lost their homes to a short-sale, deed-in-lieu, foreclosure, and/or had to claim bankruptcy because of an extenuating circumstance, or circumstances, are now eligible to purchase a new home in as little as 12 months after a one or both of these events, and FHA has confirmed that they will waive their waiting requirements of 3 years for a foreclosure related (short-sale and deed-in-lieu) event, and 2 years for someone who discharged their debts via a bankruptcy.