Options for Buying New City Home After a Foreclosure
Open Up
845 544 4026
riggsmarcella@gmail.com
“Time flies
when you’re having a good time” we hear. But time can also pass quickly for
those who’ve had to go through difficult times. Case in point is a million and
a half borrowers who have recently experienced the pain of a foreclosure.
That’s the estimated number of those who, by this time next year, will have
waited long enough to again become eligible for an FHA loan. Options for Buying
New City Home After a Foreclosure Open Up
Anyone interested in buying a New City home after a foreclosure has come through a tough
period. The standard waiting period for an FHA-guaranteed loan is 3-4 years
following a foreclosure or short sale (though individual circumstances vary).
Now that the weeks and months have ticked by, this sizable crop of newly
eligible prospective ‘boomerang buyers’ may soon find themselves contemplating
the option of buying a home after a foreclosure. Options for Buying New City
Home After a Foreclosure Open Up
That
estimate of the size of the newly eligible was provided by Moody’s Analytics.
Since they are key players in determining creditworthiness, it’s a source I
trust. A chart of Moody’s count from the second quarter in 2011 (when their
number was a mere 285,000) to next year’s second quarter 1,500,000 provides a
convincingly uphill slope. Options for Buying New City Home After a Foreclosure
Open Up
Still, being eligible to apply does not mean
automatically qualifying for an FHA (or any other) loan. Success in buying a New City home
after a foreclosure continues to depend on the same standards that always
apply. After the waiting game is over, having cured credit damage will become
the prime requirement. Options for Buying New City Home After a Foreclosure
Open Up
To increase
their chances of successfully buying a home after a foreclosure, New City
prospects will have paid existing credit card and loan debts with the kind of
unfailing regularity that reassures loan officers and credit analysts alike. If
that hasn’t been the case, the time to begin is ASAP.
Website
Zillow predicts the next most influential group of buyers will be those who are
looking to buy a home after a foreclosure or short sale. New City residents who
are among them — and who are ready to make this their turnaround season —
should give me a call. We can get started with the pre-approval process! Marcella
845 544 4026 or email me at riggsmarcella@gmail.com
or click here to check out some New City listings!
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