New HUD Rule / More Eligible for Mortgages? Maybe Not!

Federal housing authorities want to make it easier for people who lost their homes due to bankruptcy or foreclosure as a result of the economic downturn five years ago to qualify for a new mortgage – sooner rather than later. The Department of Housing and Urban Development(HUD) last month changed its rule requiring a 3 year waiting period for people who have lost their home due to foreclosure or bankruptcy, opening the door for them to buy another home in only one year as long as they have fixed whatever financial problem caused them to lose the previous home.