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Burns & Gambo

FHA reduces waiting period for home buyers who have had foreclosures

The Federal Housing Authority has rolled out a new program that could allow Arizonans to purchase a new home in as little as a year after foreclosure.

"I think two in 10 people who have lost their homes could benefit from this new guideline," said AmeriFirst Financial lending expert Lisa Brown from KTAR's That Real Estate Show.

The FHA has reduced the waiting period for those who can prove they lost their home due to an economic hardship.

"If you can document it with W2's, paystubs or tax returns, then you could possibly qualify for the Back To Work program," said Brown.

According to Brown, this is a significant change, where FHA essentially admits that not all borrowers who had a catastrophic financial event are not worthy of buying a new home and qualifying for financing sooner than the traditional three-year waiting period.

FHA's announcement could have a substantial effect on the Valley's real estate market, as home values dropped 50 percent from 2007 to 2010, and Arizona accounted for 6 percent of the nation's record-setting 2,824,674 foreclosure filings in 2009.

About the Author

Sandra moved from the small border city of Yuma, Arizona to study Broadcast Journalism at Arizona State University in the late 90s. Since graduating, she's worked at several local TV stations including Univision, Fox 10 and 3TV.

Working at KTAR, has allowed her the opportunity to cover major national news events, including Presidential visits, the Tucson Tragedy and the Wallow fire.

When Sandra isn't covering breaking news or behind a microphone in the studio, she's probably at home with her best friend Mark and her two dogs, Lily and Lola.

Sandra enjoys cooking and admits to enjoying "really bad" reality T.V. She also enjoys spending quiet time at home with people she loves, playing a little poker and traveling.


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