Previously FHA had a two year waiting period after bankruptcy and three years if you had a foreclosure or short sale. All of that has changed. Now there is a one year wait period after foreclosure, short sale or bankruptcy.
This will impact more than just real estate sales. This impacts the rental market. In the past few years the rental market is hotter than it’s been in awhile and there have been many investors cashing in, buying up properties and using them as annual rentals. When one of our rentals becomes available it is rarely on the market for a full week due the shortage.
Everything evolves, but one has to wonder what type of impact this will have on the rental market.
For more information http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=295736