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.
I have worked with Amanda and her team on several transactions, both as a buyer and a seller. They are very proactive, accessible, and responsive. The team knows the market very well, and lays out a well thought out and deliberate strategy to close a deal in a timely manner.
We contacted Amanda & Associates in December 2015 and was put in contact with Jordyn Favret. From day one, Jordyn was thorough and professional. She went above and beyond to deal with an extremely difficult seller even spending hours in the evening and on the weekends to close the deal on the property. Jordyn answered all of our questions and when she didn’t know the answer, she made the effort to investigate it and get back with us in a timely manner. She met with the rental manager and viewed …
“As a first time home buyer, I didn’t really know of what to expect. After meeting with Amanda and talking with her the first time, I felt comfortable enough to ask lots of questions and she was very patient with me. As we closed on our house today, I cannot be any happier that Amanda’s team is the one that helped me along the way. She has gone above and beyond my expectations. Thank you to your team for a great job!”
“Amanda’s team helped us sell our house and they were fantastic! We had to move across the country and they were very prompt about finding a buyer and taking care of everything. Amanda has wonderful responsiveness and is very good about communicating all knowledge about selling a house. Highly recommend!!”
Andrea & Kyle Woodard
Amanda and Associates helped me every step of the way through the difficult situation of selling my home. We had a difficult time in dealing with the lender and Amanda’s team made it much easier.
Without a doubt, this has been the best home purchasing experience. I am so impress with everyone at Amanda & Associates. David Becher was exceptional! He contacted me on a regular basis and understood my goals. Finding the perfect cottage on the Gulf Coast has moved me one step closer to retiring in such a beautiful and fun area. Brittany Brackett is another person I want to acknowledge. She consistently communicated with me on the administrative paperwork. Because of her attention to detail, …
“The best decision I made was choosing Amanda Hendry and her team as my Realtor for my first time buying a home. They walked me through every step and worked with my mortgage loan officer and with the seller to make sure everything was in order and done in timely manner. My first time buying a home was a journey and not an easy one and Amanda went above and beyond to get me in the home of my dreams. She showed me probably every house on the market in the locations I was searching for several mon…
Jennifer BatesGulfport, MS
They do very well in getting the information needed for you so you can decide on the property being reviewed. Very professional and quick to respond. They keep you informed on all steps during the process of the purchase.
First off, let me say the pleasure was all ours. We appreciate the time McKinsey & her team took with us. She stayed on top of the situation and made things happen. It was our first time to use a Realtor and it was a pleasure with us. She answered questions immediately or found the answer for us in timely manner. We never felt pressured or uncomfortable. It was great doing business with her and the team and look forward to future business.
David & Summer Pipkins
“Amanda’s team really went above and beyond for me while trying to sell my house. I live out of state and Amanda was valuable in several aspects, even going as far as checking on the plumbing during the ice storm that struck south Mississippi this past winter. I’m very pleased with the service that was provided and I highly recommend them.”