Many have wondered if they can buy a house after a foreclosure. Having a foreclosure in the past doesn’t have to mean your days as a homeowner have ended. While going through a foreclosure can be a painful experience, you weren’t alone. Millions had lost their homes during the recession. Now that the economy has improved and interest rates are low, your opportunity to buy a home has never been better.
If you’ve been through a foreclosure, you’ve crawled through one of the worst real estate ordeals there is. But that experience doesn’t mean homeownership has to remain forever out of reach afterward.
In fact, it’s much easier to qualify for a mortgage after a major credit event than you may think. It all depends on the circumstances of your foreclosure—and how you’ve managed your credit since.
So if you want to get back out there, here’s how to get a mortgage after foreclosure.
Some lenders require a waiting period for people who have had a foreclosure to apply for a loan However, there are situations where you can apply for a home loan after foreclosure within 3 years or less. Many are becoming boomerang buyers, taking advantage of the opportunity to own their own a home again.
If you’re curious about how long it would take before you can buy a home or are ready to buy a home now, give me a call. I’m there to help.