What's the quickest way to buy a home after a foreclosure?
Question:
Answer:
The quickest way is to save up 35% as a down payment, since you can probably get qualified for a 65% LTV loan even right after foreclosure or when you're in foreclosure.
But, if you don't plan on saving up tens of thousands of dollars, then you'll have a bit more work to do.
Start working on repairing your credit as soon as you can. Get negative information removed, negotiate with your creditors, dispute your debts, etc. And get a credit card with a small balance, use it, and almost pay it off every month. That way, you'll carry a small balance and generate some positive credit history.
Also, you might want to talk with a financial advisor and find out how to work out a budget and put together a savings plan. That way, you can build an emergency fund so that any other financial hardship won't affect you so much. And showing a bank that you have extra money in a savings account helps them decide whether you deserve a loan or not.
Don't expect to get a 100% LTV loan for your next house, though. Save up at least some down payment plus closing costs, and you'll be able to qualify for a better loan. It takes some work, but you can get to a pretty full recovery within a year after foreclosure.
Good luck,
ForeclosureFish
http://www.foreclosurefish.com/...
You may not have to wait for the full 7 years. However, you need to know that your credit score is affected due to the foreclosure. I guess its best to wait until you've got a job and is financially stable before jumping into another purchase.
You don't have to wait 7 years. You have to prove that since your foreclosure you have managed debt or lines of credit responsibly. What is your current FICO credit score? If you have a credit score of 620 or up, we offer a service like Lendingtree that gives free, no obligatiion quotes from National lenders (up to 4 quotes).
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