Buying a Home After Foreclosure

Many people fear that buying a home after foreclosure is impossible. Fortunately, that is not true. You can live your dream of homeownership a second time. Read on to learn more.

Foreclosures happen. They can be a terrible event in anyone’s life, but they will not eliminate your chances of getting another loan. If you are interested in buying a home after foreclosure, it is possible. You simply need to follow these basic rules:

Give It Some Time

Most lenders recommend that homebuyers wait at least two years after a foreclosure before applying for another home loan. This two year period gives you an opportunity to get your finances in order and rebuild your credit. If you don’t want to wait two years before buying a home after foreclosure, you may be able to find a lender who is willing to make an exception to this rule. However, you will probably need a significant down payment and a fairly good credit score.

Rebuild Your Credit

A home foreclosure can have a negative impact on your credit rating. If you are thinking about buying a home after foreclosure, the first thing you will want to do is begin rebuilding your credit. Start by paying all of your monthly bills and loan installments on time. This will show lenders that you are responsible with your bills. If you are in a position to do so, you may also want to get a low interest credit card and make a few charges. Just make sure that you pay the debts off before the interest kicks in, or make regular payments on the balance.

For a list of Recommended Bad Credit Mortgage Lenders Online, visit http://www.abcloanguide.com/, an informational website about various types of loans.

John V
http://urlfreeze.com/JCV/ForeclosureServices/

John C. Vincent/CEO/The Opt-In Marketing System
http://CreditSurvivor.blogspot.com
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