Have You Lost Your Home to Foreclosure, but are Ready to Begin Looking Again?
Posted by Anthony Licciardello on
Before jumping back into the home search, there are six things you will need to know first.
- There is a waiting period: After you lose your home to foreclosure, you always must wait a certain period before being able to get a new mortgage. This waiting period only starts, though, once the foreclosure is officially completed by the bank. The type of new mortgage loan you will be looking into getting will decide on how long you have to wait. FHA loans have about a three-year waiting period; Portfolio loans could have a shorter wait period, since lenders keep those loans; and Conforming or Conventional loans could have a longer wait period, since lenders sell those loans to Fannie Mae or Freddie Mac.
- Make sure your credit is okay: Once you have your…
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