That's right! In 365 days, aka 1 year after a Short Sale you will be eligible for an FHA loan in Jacksonville or Ponte Vedra Florida!
This is a recent underwriting change that affects people who have had a Foreclosure, Short Sale, or Bankruptcy. Previously you had to wait 3 years after a Short Sale or Foreclosure and 2 years after a bankruptcy. Seems that would have been in reverse, but at the time the federal government deemed short sellers to be a bigger threat to FHA than Bankruptcy. I always thought this was odd .... but now it doesn't matter, both are just 1 year.
Jacksonville FHA Limits = $387,500. That's a lot of purchase power!
A few caveats: FHA is allowing for the consideration of borrowers who experienced an "Economic Event"…