If you had a foreclosure, short sale or bankruptcy caused by the recent housing bust, you may be eligible to buy another house this year, according to some housing experts. They are calling 2014 the year of the "boomerang buyer."
Changes were made to FHA guidelines, and there have been updates to Fannie Mae loan approval systems to permit people that lost homes during the recent downturn, to qualify for new home mortgages in as little as one year after a foreclosure or other financial calamity.
Founders of the San Diego-based company AfterForeclosure.com said last month that millions of banned borrowers nationwide will be eligible for a mortgage this year, in 2014.
Under the FHA's "Back to Work" program, certain borrowers will be approved for a home loan just one year after a foreclosure, short sale, deed in lieu of foreclosure or bankruptcy. Previously, FHA's timeline was three years for a short sale and foreclosure and two years after a bankruptcy.