Under the current FHA guidelines:
borrowers can qualify for a 96.5% LTV mortgage
with only 3 years since a Foreclosure or BK...
If this isn't already a "forgiveness" I can't imagine what one would look like!
IMO~
It should be more like 5 - 7 years minimum seasoning before even being considered stable enough to qualify for a mortgage and even then 20% down should be an additional requirement.
(but some would believe that home ownership is an entitlement not a privilege)
And there it is, cyclical all over again
__________________
Former Test driver & Production Manager Singer Vehicle Design
2009 Cayenne GTS, '81 911SC RoW Targa (lot's of goodies), '86 535csi, '84 633 csi (turbo charged-sold)
, '68 912 Targa (sold)
, '69 911E (sold)
"Dream it, Believe it, Decide it, DO it "