Ready to Buy a Home Again?
Many people have went through a short sale, a foreclosure or have had other financial difficulties in recent years. The good news about financial problems is that for most people, they don’t last forever. With the dip in the economy, millions of people’s incomes were impacted and as a result, many people either had a short sale or a foreclosure.
So if you are one of those people who experienced financial problems, don’t feel like you were alone.
We set up this site to help people just like you who used to be homeowners learn more about what they need to do to buy again after a financial difficulty that resulted in their losing their home.
Depending on the lender and the loan program you apply for after you have had a short sale or foreclosure you will have different requirements laid out in order to get approved. Some loan programs allow you to buy a home without waiting very long at all and some loan programs can make you wait as long as 7 years – so it is important to know the difference.
Popular Loan Programs Available For Buying After a Hardship
Lenders are creating programs available to people who have went through a short sale, foreclosure or other hardship – because they realize that millions of people are going to want to buy again after losing their home or having a hardship. Some of the popular loan programs that will let you buy a home again include FHA loans, VA loans, USDA loans and Conventional loans.
No one loan program is right for everyone – so be sure to work with a great lender who understands the ins and outs of each program and what it takes to get qualified.
Credit Scores Matter
When it comes time to buy a home again after financial problems, the waiting periods required by loan programs or lenders are one thing, but having a credit score that is high enough to qualify for a loan is another. Most loan programs today require a minimum credit score – and if you have went through a short sale or foreclosure, chances are your credit score has taken quite a hit.
A short sale generally has less of an impact on someone’s credit score than a foreclosure. The biggest impact is caused by late payments, and the foreclosure process usually will take longer than a short sale — so there are more late payments for the credit bureaus to count. Also, how the foreclosure or short sale shows up on your credit report can make a difference. If your loan was “settled,” it will not be as harmful to your credit as if it was recorded as a “default.”
Doing simple things like paying off your credit card debt, making all of your other monthly payments on time and keeping records of your on-time payments and monthly budgets showing that you have cut back on spending are all things that will help improve your credit score and make sure that you are putting yourself in the best situation possible with regards to your credit score.
The good news is that storms never last, and depending on what kind of storm you have been through, there is a pathway to follow where you can buy a home again.
Whether this is your first home, or you would like to buy again after a financial hardship… we are here to help you!
Current Mortgage Rates
Mortgage lenders in your area are available to help you get qualified to buy a home again after your hardship. Here are current rates from selected lenders – be sure to shop multiple lenders for the best deal. Each lender will have different programs that you will most likely find out about by only speaking to them. Some have programs for people after bankruptcy, some have programs for people out of a short sale and some have programs for people who are out of foreclosure – but you won’t know about them unless you submit your information so we can match you up with a lender who specializes in helping people in your situation.
Submit your information now and let us get started helping you.