Like what you have been reading here? Subscribe now and receive email updates of our articles.


Syndicate this blog

Most Popular

Buying a Home After Financial Setbacks

August 9th, 2022 by tisner

Filing bankruptcy or losing your home to foreclosure does not mean the end of the road for financial success afterwards.  It can be scary to even think about buying another house, but it is not impossible! Check out these tips to help you back on your way to homeownership:

  • Probably the most important thing to do is to pay all of your bills on time and in full. This will get your credit score climbing back up to a number that will look good to lenders. 
  • The bankruptcy process begins and ends with required financial courses.  Ask for a fee waiver so the added costs are not a burden. 
  • If your last home went into foreclosure, there are waiting periods for applying for a mortgage: three years for FHA loans, seven years for Fannie Mae/Freddie Mac loans, two years for Veterans Affairs loans, three years for USDA loans, and other lenders have different waiting periods. 
  • The homebuying process is different for those above-mentioned agencies when it comes to past bankruptcy. It simply depends on the type of bankruptcy filed. 
  • Going through a short sale may be a different situation, but this process has a waiting period as well. The average wait time to apply for a mortgage is two to seven years. 
  • Some financial institutions may ask for an explanation–in writing–about the situation that led to the foreclosure or short sale, as well as what you learned during the process.   
  • Extenuating circumstances, such as a major illness or job loss, can make a difference in how long you have to wait to apply for a mortgage.  Be prepared with any paperwork that shows your loss of income or increase of debt. 

When you are ready to start house-hunting, find a RealtorⓇ that is experienced with assisting those who have experienced financial hardship and lost a home in the past.  They have a wealth of knowledge to help you every step of the way on the path to a fresh start! 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: Dreamstime

Google+ Comments

Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
1170 Celebration Blvd
Suite 200
Celebration, Fl 34747

This site is proudly sponsored by Orlando FL Real Estate Kissimmee and Celebration
Copyright © 2008 Orlando FL Real Estate Kissimmee and Celebration | All Rights Reserved. Sitemap