Buying another home after a foreclosure? Yes, its possible!

When a home owner makes the difficult decisoin to stop paying their mortgage, the home usually will be foreclosed by the lender.  Here in my state, Idaho, we use a trustee sale for most of the foreclosure actions.  Its a tough time for homeowners who have to go through with this.  In my area, Boise, Idaho, the values got hit hard and many Boise, Idaho homeowners could not sell their home or keep up with the payments due to financial hardhsips.

The last year, our Boise, Idaho real estate market improved.  That along with Mortgage loan programs at all time low mortgage rates, have brought many homeowners back into the market.  Many of them have suffered through a foreclosure or bankruptcy.

If you have a bankruptcy or foreclosure, the eaisest mortgage loan programs to requalify for are the FHA and the VA loan programs.  Both require little or no down payment and only require 36 months to have passed since the foreclosure.

For bankruptcy, the time seasoning is only 24 months.  This means a home owner who lost their home in 2009 could qualify.

Now many times, my clients that have had an bankruptcy or foreclosure will have other issues to address.  Normally, I will meet with a prospective homeowner months before they plan on buying and review their situation to see if there are any last minute corrections or actions they need to take before they go home shopping.

 

Buying a home after a foreclosure or bankruptcy is not impossible, its become much more common place as we go forward into 2013.

Should you have any questions about buying a home after a bankruptcy or foreclosure, feel free to contact me at 208-955-1234 ext 30.

http://realestate.msn.com/blogs/listed-loans.aspx?post=b8b7daf7-f27e-4888-b97f-496ad700c848

Leave a Reply

Post Navigation

%d bloggers like this: