As I discussed last week, HUD recently released new guidelines for borrowers who have experienced an “economic event” in the last few years. These new guidelines allow qualified loan officers to help borrowers who were forced to declare bankruptcy buy a house if the borrowers meet certain guidelines, and if they experienced an economic event.

In the past, borrowers needed to be 2 years out of bankruptcy before they could buy a new house. But with the new guidelines, it can be as little as 12 months. In order to take advantage of this great opportunity to buy a house again, you need to simply rebuild your credit, take a housing counseling course, and explain what economic event caused you to declare bankruptcy.

During the great recession, many good, creditworthy people lost their jobs and were forced to live on unemployment or underemployment. Now that the economy is rebounding, many of those same people are finding jobs which can support them, or are adapting to a less expensive lifestyle. Either way, most of those people are now looking to rebuild their lives. And this new guideline change can help to at least create some stability for those individuals.

So if you are recently out of bankruptcy and would like to explore your options in relation to purchasing a home, please contact me and I will help you get into a new home. I can walk you through the process of reestablishing your credit and can help you find a HUD Approved Counseling Agency. I can, of course, also help you find the right mortgage for you.

And as always, if you have anything to add about these new guidelines, please leave a comment.