There is some help for former homeowners who lost their homes to foreclosure and are looking to become a homeowner again.  Kevin Maher, Community Outreach Coordinator with locally based tells us they may not have to wait too long. 

"The FHA has come out with a new program that can help someone that suffered a major catastrophic event. Instead of having to wait for a two to three year period, they can get back into home ownership within a year if they meet certain guidelines."

A part of those guidelines is that you have to show your financial hardship occured as a direct result of the economy tanking.

"If they can show a loss of income of 20 percent or more that lasted for a six month period" and they can show all of the negative events on their credit were all related to that financial event, then they probably would benefit from this program. 

You will also have to go through a session with a non-profit credit counseling such as 

Kevin says that not all lenders are going along with this new program. 

Your best bet is to contact Kevin with DebtHelper or call 800-920-2262.