Purchase after Foreclosure

Congratulations are in order for a client of ours that just closed on a purchase. She came to us about 6 months ago after having a foreclosure and bankruptcy three years ago. We worked with her and connected her with the right lender, which was able to help her get a new mortgage.

Most buyers feel that once foreclosure has happened the possibility of home ownership has slipped.

UNDERSTAND THAT THIS IS NOT ALWAYS THE CASE!

Many are taking advantage of FHA and the ability to purchase a home in spite of the past credit problems. You should know that what stops many would be home buyers is not FHA but the lender that’s issuing the loan.

Different lenders adjust the requirements to their comfort level. This is not a level playing field and just because one lender said NO, it doesn’t automatically mean that they will all say NO.

There’s are still lenders out there open to taking less than perfect files and you can still get a great interest rate. Don’t expect rock bottom rates, you do have a short sale or foreclosure on your records but you will get something reasonable for your situation.

You’ll have to decide what’s more important, home ownership or a half point on your loan.

Contact me if you have questions on qualifying for a new loan after a short sale or foreclosure.

Thanks for visiting,

Ricardo