Lost Your Home In The Crisis? You May Now Qualify For A New Mortgage

During the financial crisis that began back in 2006, approximately 1.5 million homeowners lost their homes through foreclosure, short sale, or other non-satisfactory closure. A large portion of these former homeowners would like another opportunity to own their home as opposed to renting.

Does this sound like you?

Since many years have passed since the onset of the crisis, many former homeowners who experienced hardships may once again qualify for a new mortgage. If you have repaired your credit, and have sufficient stable income, then you may now qualify for a new mortgage.

Derogatory credit items, such as foreclosures and short sales can prevent people from qualifying for a new mortgage for a period of time . . . generally for short sales there is a 4-year waiting period, and for foreclosures it can be as much as 7 years. However, even if you haven't reached these waiting periods, check the resources we've included here, which state that you may be able to qualify in a shorter time depending on your circumstances.

The best first actionable step would be to talk to a lender. But if you want to do some research first to see if it is reasonable to believe you may qualify again, here are a few good resources to get you started. The first link is to a recent post that reports that the waiting periods are even shorter, from 2 years for Fannie Mae and 1 year for FHA.

http://themortgagereports.com/16750/fannie-mae-waiting-period-bankruptcy-short-sale-foreclosure

http://blogs.wsj.com/totalreturn/2015/04/08/tips-on-applying-for-a-mortgage-after-a-foreclosure/

http://www.realtor.com/advice/after-foreclosure-wait-time-varies-for-new-loan/

If you would like us to recommend a few of our trusted lenders, please Contact Us anytime for our assistance. You can also use our Mortgage Calculators to find out what your monthly payment would be and also for how much of a mortgage payment you may qualify.