The federal housing authorities are trying to make it easier for people who lost their home to short sale, foreclosure or bankruptcy due to the economic downturn five years ago to qualify for a new mortgage. 

Last month, The Department of Housing and Urban Development (HUD) changed it's rule requiring a three year waiting period for people who lost their home to foreclosure or bankruptcy. The new ruling opens the door to purchasee another home after one year as long as they have fixed the financial problems that caused them to lose their home.  

This is the latest effort to help boost and maintain the growth that we are currently seeing in the housing industry. This is especially important at a time when interest rates have been moving up and new mortgage applications have been declining. The HUD's rule change should make more people eligible for mortgages, even if their credit was tarnished during the economic downturn.  

While the rule change is great news f ...