FHA just announced today that they are reducing the mandatory 3 year waiting period for FHA insured mortgages, to 12 months so long as the borrower can document they suffered at least 20% reduction in pay and have had no late or derogatory credit in the last 12 months.. This is great news for folks who suffered a hardship as a result of the poor economy and had to short sell their homes or even worse, had been foreclosed on.. Understand that FHA does not lend money, they only insure loans against default.. So we would have to wait for the lenders to offer this particular FHA loan product.. So it might be a month or so before someone offers it, but rest assured, some lenders will.. Stay tuned.. To see FHA announcement, just Google "FHA's Mortgagee letter 13-26". I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com