Buy A Home In A Year After Foreclosure With A Government Backed Loan
The Obama administration wants to create a mortgage market that is more forgiving toborrowers who lost their homes due to the recession, an effort that could widen the pool of potential homeowners.
A recent rule change lets certain borrowers who have gone through a foreclosure, bankruptcy or other adverse event—but who have repaired their credit—become eligible to receive a new mortgage backed by the Federal Housing Administration after waiting as little as one year. Previously, they had to wait at least three years before they could qualify for a new government-backed loan.
