Buying a home is a difficult task for anyone, but is especially tough for those who have experienced a foreclosure or filed for bankruptcy. It may be difficult, but it’s NOT impossible! Here are some tips:
1. Wait A While
The waiting period after these situations can be anywhere from 1-7 years, but most people don’t know that this period can be waived or shortened if the foreclosure was due to “extenuating circumstances or hardship beyond his or her control.”
2. Clean Up Your Credit
Make sure to avoid any late payments on bills, rent, etc., and try to stabilize your employment to show that you are capable.
3. Consult a Professional
Consult a loan officer or mortgage broker for advice on your personal situation.