I need to get a straight answer and maybe some help finding a bank/lender in the Portland OR area. My husband's job was transferred from Phoenix AZ to Oregon in July 2011. Due to this relocation we had to short sell our home in Phoenix however we were never late and we didn't miss any payments on the first or the second. The short sale was completed in December 2011. All of our other bills have stayed current and after the short sale our credit scores are in the high 600s and low 700s. We applied for and were approved for an FHA loan in June 2012 and have made a few offers on homes in the Portland area over the last few months. .
Last week our broker called to say the rules had changed and we couldn't qualify with FHA for another 2 years. Is this really the case? He mentioned something about "overlays" that his funders have related to extenuating circumstances. However everything I find online about FHA either says that extenuating circumstances don't apply to a short sale or that a job relocation qualifies as an extenuating circumstance. Can anyone clarify this? And, does anyone know how to find a lender that doesn't have overlays requiring such a long waiting period?
Thanks in advance for any help/answers you can provide!