In short, buying a home after foreclosure and bankruptcy is possible. There are a few more hoops to jump through, but again, it is possible. Think of your next purchase as a new beginning. You want to do things differently this time – maybe you want to make sure you can save more each month to build up your savings and reserves. Maybe now you have paid off other debt or have created a better budget to get debt behind you once and for all.
what can I do now?
- Rebuild your credit:
Getting mortgage months after foreclosure may not be impossible but you should be prepared to accept higher rates of interest. So, what you need doing is to rebuild your credit before you apply again.Make sure you are making on-time payments on bills, credit cards etc. If possible, negotiate to lower the interest rate on your credit cards as that will help you save more money each month. Also check your credit report for any inaccurate information being reported to the bureaus. This can improve your credit fast.
Try to open new accounts – even pre-paid Visa cards – just make sure that they report to the bureaus. Make consistent payments – this is what lenders will be concerned about when they are reviewing your mortgage scenario.
- Save for down payment:
To get the best loan program, you’ll have to put down 15-20% of the home purchase price as the down payment. The more you put down, the less you need to borrow and the less you need to pay. See also: Gifting – complete article can be found by searching this blog
- Prepare a budget:
You probably have – and good for you – if you haven’t – do it! . Make sure you save a lot and most importantly, make sure you stick to it. A budget will help you maximize your savings. - Check your affordability:
Go for a house that is affordable. Also, calculate the monthly payments (including property taxes and insurance premiums) on your new loan and see if it’s well within your reach. You can find a great, easy to use calculator on the Empower Home Loans home page or within the Mortgage Education Center: http://empowerhomeloans.com/ - Check the housing market:
It is a good idea to have a Realtor that you can trust. Have them walk you through the local housing market. If you’re in a declining market, be careful when you buy. A good Realtor will gladly show you local trends and where the best deals are. More equity will help your purchase power.
First thing is first – get your lender relationship built – find a company and representative you trust and stick with them – next, get a referral for a great Realtor, and when the timing is perfect, everything will fall into place.
Your best days are truly ahead – make them happen!
Want to know more about your credit, and the mortgage process? Just ask. We have some great tools to help you – and it’s all free. If you would like a copy of our Client Information Pack (CIP) filled with lots of helpful advice about your credit, lending, and mortgage guidelines, simply navigate to the contact page, send an email, or complete the online application for more helpful information.
To claim your copy, simply click here:
or visit the Empower Home Loans website by clicking here:
Tags: 10/1 arm, 15 year fixed, 3/1 arm, 30 year fixed, 40 year fixed, 5/1 arm, calculator, conventional loans, conventional mortgage, empower, fha loans, First Time Home Buyer, fix and flip, hard money loans, Home Loans, house flip, interest only loan, interest only loans, investor financing, jumbo loans, loan calculator, Mortgage, mortgage banker, mortgage broker, Mortgage Tips, rate vs product, Refinance, rent or buy, rent vs buy, today's rates, va loans, www.empowerhomeloans.com
You certainly deserve a round of applause for your post and more specifically, your blog in general. Very high quality material
You certainly have some agreeable opinions and views. Your blog provides a fresh look at the subject.
Nice post…Thank you for sharing some good things!!
I bookmarked this link . Thank you for good job !
Good article Thank you so much
I must say you have a cool post. This hit the spot and then some! Thanks for posting this and sharing it with the world. I’ve just bookmarked your site. And I will check back soon to read your other articles. Keep up your awesome work.
Very informative post. Thanks for taking the time to share your view with us.
thanks for great informations It’s a wonderful
A good article Thank you!
I’m very up in the air about investing in a foreclosed home. On one hand it seems like such a steal, but on the other hand, I feel hesitant – like I probably ought to wait for a few months to see how the market pans out. I really need some expert thoughts on the topic
Wow! Thank you! I always wanted to write in my site something like that. Can I take part of your post to my blog?
Home mortgage interest how calculated?
thanks !! very helpful post!
Thanks much for that awesome entry.
Great post! I like the blog!
Thank you for the great post – I had fun reading it! I always enjoy this blog.
Thanks For This Blog, was added to my bookmarks.
Great post! I like the blog!
This guy is really lucky !
I just sent this post to a bunch of my friends as I agree with most of what you’re saying here and the way you’ve presented it is awesome.
You certainly deserve a round of applause for your post and more specifically, your blog in general. Very high quality material
very good blog, I will go back soon
Really great site that you have built good info thanks.
Heya¡my very first comment on your site. ,I have been reading your blog for a while and thought I would completely pop in and drop a friendly note. . It is great stuff indeed. I also wanted to ask..is there a way to subscribe to your site via email?
I usually don’t write comments on posts, but your post urged me to commend your writings. Thanks for writing this, I will surely favorite your site and come back once in awhile. Happy blogging.
This post is beyond awesome. I am always wondering what to do and what not to do so I will follow some of these tips.
I certainly like your web site layout it’s so clean, simple to read.
Totally digg your website thanks a lot for the info
Nice post… Does anyone have any updates on Obama’s plans for FHA in 2010? I heard they were supposed to be making changes.
Great post!
Thank you for the great post – I had fun reading it! I always enjoy this blog.
Great post thx a lot !
Your site is very unique. Thanks for the info.
It cannot possibly be true that a gigantic portion of the labor pool has no impact on wages. This is an untestable hypothesis. You cannot construct a ‘control California’ in an alternate universe with no immigration.
Unfortunately in our family we tend to be getting our financial house in order just when Christmas comes along and then, “schbleck” – another few thousands dollars down the toilet. Not a nice way to look at Christmas I know, but it is frustrating.
Excellent info. Thanks for that publish.
Good information on how to get a home equity loan with bad credit.
Hello may I quote some of the information here in this entry if I provide a link back to your site?
thanks for the inspiration I was stressed by work but i learnt that life is about living to the fullest and enjoying every moment.Thanks a million
Excellent blog, definately worth a read. Keep up the good work!
What’s up my homie ran through a few of your other pages and wanted to know if you might be up for swapping links Thanks again for putting this online.
i like all your articles,they are very informative.