Dan Green: FHA May Waive Its 3-Year Foreclosure Waiting Period; Richard Mize: One size never fits all
Dan Green writes:
The FHA is contemplating new, looser mortgage guidelines that would waive its standard “waiting period” after a significant derogatory credit event. Home buyers with recent bankruptcy, foreclosure or short sale may be cleared to buy homes immediately.
Good or bad?
One size never fits all! WHY did a homeowner go through foreclosure, or a short sale, or bankruptcy — all of which, now, trigger a waiting period.
Caught up in a metrowide or regional housing crash because borrowers and lenders and *everybody* went crazy? Cutting some slack would seem appropriate.
Hoisted by your own petard, the I-have-swallowed-the-myth-that-a-house-is-an-investment-first, not shelter first, and that equity is an account to draw on for non-necessities, so I need to keep moving up to stay ahead? Maybe you should stay grounded awhile.
Alas, that would take actual people looking at the actual individual situations of other actual people.