Register | Forgot Your Password? | Close

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.

Sandra Haros , Reporter

share this story:
Attention Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus

World Class Arizona

  • Dignity Health

    World Class People. World Class Company. Excellent care, delivered with compassion, for all in need.
  • Family in Focus

    KTAR spends the week taking a look at the issues a modern Arizona family faces.