A new lifeline for would-be home buyers

Posted by Bonnie Martin Designated Broker on Monday, September 9th, 2013 at 8:15am.

houseinhand_voronin_450homes.yahoo.com - 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.

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