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.
     
    Seven Years
    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.
     
    Three Years
    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.
     
    Rebuilding Credit
    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.

    Further reading:
    Read what you can do if you have been denied to buy.

    Testimonials

    “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