Try at all costs to avoid bankruptcy, and do no expect to receive better bad credit mortgage loans, if any, after declaring your bankruptcy. For lenders it is a somewhat risky situation in their eyes to loan out money to someone with ... There is no upper age limit set by HUD for the . Nor is there a certain income level that the borrower must achieve in order to buy a home at a certain price. And although income is certainly an important factor, it is simply one of the several determining factors which are used by the HUD to find whether the borrower will be able to repay the mortgage.