Today, a brief encouraging note for folks already foreclosed and hoping to someday again qualify for a mortgage to buy a home. The standard wisdom on how long your credit is harmed by going through a foreclosure is a minimum of five years! In other words, get foreclosed, don't even bother trying for a mortgage for at least that long. However, as we move through the current economic crisis, there is some glimmer of light at the tunnel's end--and it's NOT a train coming your way down said tunnel.
If, after three years, all of your credit history EXCEPT said foreclosed mortgage is pristine, and i DO mean pristine--not even a single late on ANY other debt/credit obligation, you may be able to get approval on an FHA loan. Why? Because this type of loan only requires a 3.5% down payment, and thus, you have somewhat easier qualification standards to meet. It won't be easy, but it is a possible slight easing for you. REMEMBER HOWEVER: when I say 'pristine' credit, I REALLY mean exactly that.
Good luck, and a happy thanksgiving to everyone!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment