Is it possible to get a home loan if you had a foreclosure..?
Question:
Answer:
Yes, its possible but the interest rates will be steeper than if you didn't have a foreclosure on your credit report.
Depending on how long ago the foreclosure was and how you've treated your credit since will also indicate the loan terms.
Lenders like to see that you've "learned your lesson."
I suggest looking for a house that is one third of your income, weel;y or monthly.
To avoid getting into foreclosure again, don't overbuy, that is do a budget and determine what you can realistically afford before buying. Take everything that you pay for into consideration. From food to utilities to clothing to insurances, property and health. Take a real look at what you can afford. This represents making a real time investment in your financial health.
All the Best!
Yes it is possible. The chances are a bit slimer though. My friends parents had a foreclosure couple years back, and they just recently brought a home. You would have to put down more, and the house can't be too expensive. Are you able to pay for the house note? Keep that all in mind. When I first brought my house, I had little credit, and I had to down 30%.
Banks just want to make money, so if they feel that you can pay they would def. give you the loan. How long ago was this foreclosure?
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