Housing market may get a boost from ‘boomerang buyers'

"The old-fashioned way of doing it was a seven-year waiting period," said McDonough, president of Family Mortgage. "That's changed, and people who don't believe they can qualify are qualifying."''

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Under the FHA's "Back to Work" program, it will approve certain borrowers for a home loan just one year after a foreclosure, short sale, deed in lieu of foreclosure or bankruptcy. The FHA's previous timeline was three years for a short sale and foreclosure and two years for a bankruptcy.