The U.S. Department of Housing and Urban Development (HUD) recently announced the â€œBack to Work â€“ Extenuating Circumstancesâ€ program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUDâ€™s minimum eligibility requirements.
If one person was NOT on the loan when the foreclosure took place, than they can go on the loan pending their income qualifies, but if not, here is the situation:
If either spouse is a veteran, they can purchase in January of 2014. If not, they can purchase in January of 2015 under FHA guidelines.
Any questions, let me know...