By Mathew Padilla
Tara Poulsen bought a four-bedroom house in Mission Viejo for $469,000, after waiting out the housing market for more than three years. To do it, she and her husband went with a federal loan program that waned in popularity in some areas during the housing boom.
They got a loan insured by the Federal Housing Administration, which accepts borrowers with spotty credit. Poulsen's husband has a midrange credit score and filed for bankruptcy about 10 years ago, she said.
Some lenders and brokers say consumers who have dinged credit or are short of cash should consider FHA, which is filling the void left by the implosion of subprime lenders. FHA backing protects lenders from loss, so they are more willing to make riskier loans.
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