Buying Again After a Gulfport Foreclosure
After a Gulfport foreclosure, many former homeowners are asking, “When will I be able to buy again?” The answer to that question depends on several factors; Because you have poured money, work and resources into your former dream house, it is time to move forward in the hope of still achieving that dream. You will soon qualify again for a loan and the time that takes depends on your specific foreclosure waiting period and the type of loan. The steps that you can take during the waiting period include the rebuilding of your credit and the saving for a down payment.
It is most common that you will have to wait for seven years after a foreclosure in order to obtain another mortgage. This is a requirement of Fannie Mae and coincides with the time recorded on your foreclosure report.
You will only have to wait three years if you can prove, through written documentation, that the foreclosure was due to extenuating circumstances. You will need to prove significant loss of income, with such papers as divorce decrees, job severance papers or bills such as those from a hospital.
Although it might seem difficult at first, rebuilding your credit is one of the first positive steps you can take. One can apply for a secured credit card tied to the amount deposited in the bank of the issuer. Another step to take, as a renter, is to find an affordable apartment, make on-time payments and use the money saved for the beginning of your down payment on your future dream home. Your credit will also be improved with a steady employment of two years at the same employer. Proof that you have steady employment and are a responsible person capable of paying a mortgage is what the new lender will be looking for.
After your Gulfport foreclosure, there is much to do before you buy again, including reviewing lenders, down payments and rates. A smaller and more affordable house might be your dream home the next time around.
Read what you can do if you have been denied to buy.
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Jennifer BatesGulfport, MS
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Steven and Sarah Stogner
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