A Mortgage After A Foreclosure

It is estimated that over 4 million American families have lost their home through the foreclosure process since 2005 and many of these same people who went through foreclosure are now looking to own a home again but have given up hope as they mistakenly believe it is not possible to qualify for a mortgage after a foreclosure. Fortunately, this is not the case. While the lending guidelines are more strict, it is possible

Are you looking to Own Again after foreclosure?

Here are just a few things that you will need to consider:

  • Not all loan programs have the same requirements for a mortgage after a foreclosure.
  • Not all lenders have the same guidelines. Even for the same loan programs.
  • Some families may be eligible sooner than the stated guideline if their foreclosure was due to extenuating circumstances.
  • You must have re-established your credit and made your payments on time for your other accounts before applying for a loan of any kind.
  • Be ready to provide additional documentation and even letters of explanation for the underwriters when getting a loan after foreclosure.

A Mortgage After A Foreclosure: Which Loan Program Is Best?

When shopping for a loan after foreclosure, popular choices include FHA loans, VA loans (if you have served in the military) and USDA loans (only available on qualifying properties) and Conventional loans.

Thinking about getting a jumbo loan after a foreclosure? Though not impossible, Jumbo loans are very difficult to qualify with a foreclosure — for now at least.

Owning Again After Foreclosure: Millions of Buyers

The good news is that if you were one of the millions of homeowners who went through foreclosure, then you are not alone when it comes to wanting to own again after your foreclosure.  Buying a home after foreclosure is possible and there are plenty of loan programs available. To find out which loan programs you may qualify for, Contact Us.