Category Archives: Financing

Recover from a Foreclosure or Short Sale

If you lost your home due to a foreclosure or short sale, you probably would like to own a home once again. The good news is that a number of guidelines have changed which may allow you an opportunity to buy a new home sooner than you think.

The traditional waiting period after a foreclosure is seven years. However; these waiting period guidelines may change and you would be best served to get up to date information from a qualified mortgage professional. Many lenders will shorten the waiting period some if there were extenuating circumstances surrounding the foreclosure of your home. Was there a death or illness that prevented you from earning enough money to meet your mortgage obligations? Did you loose your job or incur a substantial pay cut for some reason? These and similar reasons might be enough for a lender to shorten your waiting period after a foreclosure.

Your credit is often re-established quicker after a short sale than a foreclosure. Generally lenders will require only a two-year waiting period before they will consider you for another mortgage. Once again; seek the advice of a licensed mortgage professional to obtain the latest information on their qualifying guidelines.

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Home Buyers can be Thankful for 2013

There were several favorable events that benefited the average home buyer in 2013:

•Mortgage rates remained low

•The heated bidding wars that were happening in some markets ceased

•Investor buyers have cooled off, creating less competition and holding down prices

•The latest in technology has made home shopping easier for most buyers

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