Purchase A Home One Year After Bankruptcy/Foreclosure

HUD has changed it ruling that homeowners who lost their homes due to foreclosure or bankruptcy can purchase a home after one year. 

This comes at a great time because there is an an increase in the mortgage lending prices which has reduced  the number of home loan applications.   But even so,  this pricing is excellent to compared to renting a homes at 100% interest with no return on investment and no increase in value. 

The problem however with this program  is banks may still be reluctant to exercise this one year rule for fear of the loan going bad.  After all it was the banks relaxed lending practices that cause the  problem  with the economy in the first place.  Lending guidelines are still stringent and a borrower will have to be prepared to jump over many hoops to return to the American dream of home ownership. 

Credit must be re-established and the borrower has to show their problem of yesteryear has been eliminated.