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Government tosses lifeline to homebuyers

Changes lending rule

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The government is throwing a lifeline to borrowers who lost their homes due to the recession, in an attempt to widen the pool of potential borrowers.

Per The Wall Street Journal:

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.

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