How easy is it to buy a house after foreclosure?
Question:
Answer:
Sounds like you're asking about your own ability to buy a home after you personally were foreclosed upon?
If so, read the news about subprime lenders falling apart all over the place right now.
Wait 2 years, get your credit re-established, and get an FHA loan. If you can even get a loan sooner, your rates would be 50-75% higher than a comparable FHA after the 2 years are up. It just makes no sense to jump into something so expensive so soon after losing everything. You surely don't want to have it happen again.
Just rent for as little as you can, and save up 3% for your FHA downpayment.
It is no different than buying any other house. A mortgage company forecloses, gets the deed registered then puts the property up for sale.
If you need a mortgage to buy, you apply then have a closing in 6 weeks if you qualify.
To buy a forclosure, or to buy a home after forclosed upon?
Buying a forclosure isn't any different then buying any other home.
The latter has to do with weather or not you can find a lender to give you a mortgage. It's very hard to get a mortgage from the bank. At least it is in Ontario.
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