When a person has a home foreclosed on, and that home was insured by FHA (Fannie, Freddie, etc), that person cannot buy another insured home until 3 years after the payoff date of the insured mortgage.

In my case, I have regained employment, regained my credit score, and have the ability to buy, but can’t due to the rule of 3 years.

Remove the rule (or reduce it to 1 or 2 years) and there could be an influx of buyers into the market.

Location: Georgia

 

Leave a Reply



Get Adobe Flash player