Boomerang buyers may boost housing market | www.mypalmbeachpost.com

This change could help a lot of people. Click title for link to article:

 "Under the Federal Housing Administration’s “Back to Work” program, it will approve certain borrowers for a home loan just one year after a foreclosure, short sale, deed in lieu of foreclosure or bankruptcy. FHA’s previous timeline was three years for a short sale and foreclosure and two years for a bankruptcy.
Federal mortgage backer Fannie Mae has previously allowed homebuyers who completed a short sale to buy again after two years if they put 10 percent down, but an automatic underwriting system couldn’t differentiate a short sale from a foreclosure and would spit out a denial. The application could then be referred for a manual review. But those were often denied based on the computer’s refusal, Maddux said.
Eligibility for a loan fast-track hinges on whether borrowers suffered a specific financial event during the recession that, through no fault of their own, caused them to lose their home. Also, the foreclosure or short sale should be the only blemish on a credit report. For an FHA mortgage, the homebuyer must take a housing counseling class."