Government tosses lifeline to homebuyers
Changes lending rule
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.