FHA Loan Waiver Provision

It has been one year (almost) since we moved into our new home -- and almost eighteen months since our bankruptcy was discharged. We moved into our new home on a lease to buy option, which would allow us to build up rent credit toward our down payment while waiting for the FHA mandated two year waiting period to execute and FHA loan.

I have now learned that there is a provision in FHA guidelines that might allow us to take advantage of the FHA loan before we reach the two year post-discharge point. FHA guidelines allow for certain hardships that contributed to the financial situation that resulted in bankruptcy to be given a waiver and receive an FHA loan after just one year post-discharge.

I will be meeting with a lender tomorrow to see how this will work out. Stay tuned...