Buying A Home After Foreclosure Or Bankruptcy

Buying A Home After Foreclosure Or Bankruptcy

The last several years since the Real Estate "bubble" popped in 2008 have been difficult for lots of Americans.  People found that they were in homes they couldn't afford, should have never qualified for, and probably should have known better than buying.  Lots of Americans were forced to go through the process of bankruptcy or foreclosure.  Now in 2014, things have gotten more back to normal and the housing market is getting back on track.
In the Raleigh area, the housing market is very strong.  Recent numbers indicate that median home prices in Wake County are up 5% over 2013 while days on market is down 7.9%.  Interest rates are still historically low for qualified buyers (around 4.5%).  If you are one of the unlucky ones that had to endure a foreclosure, bankruptcy, or shortsale in your past and now ready to buy a home in Cary, Wake Forest, Apex, Fuquay Varina, or anywhere in between, here are some guidelines you need to know.......

If you went through a Bankruptcy, then here some basic wait periods from the discharge date for you to be eligable for a new mortgage:   FHA or VA loans - 2 years,    USDA Loans - 3 years,    Conventional Loans -  4 years
Did you go through a Foreclosure?  Here are your numbers:    FHA or USDA Loans - 3 years,  VA Loans - 2 years,   
Conventional Loans - 7 years unless documented extenuating circumstances which only require a 3 yr waiting period
It is always best to consult a local mortgage lending professional for your exact situation and we will be happy to refer you to one of our outstanding local lenders.  Know the facts and info up front so you can look and purchase confidently.  Our team here at the Kima Real Estate Group is ready to help you.


Chad Wingler Headshot
Author:
Phone: 919-323-2616
Dated: June 12th 2014
Views: 5,058
About Chad: Buying a new house is one of the largest steps a person makes in their life; emotionally, physically...

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