Bankruptcy doesn’t have to be the end of your future goal planning. It’s a time and place when you need to recapture some order, identify your weaknesses financially and learn to live within your means so old patterns do not creep back into your life.
Summer is here and real estate is hotter this time of year than any other season. If your tired of renting and desire to buy, this information can be very helpful because, coming out of bankruptcy takes some coordination so that all your financial ducks are in the right place.
Buying a home in today’s market is a bit tough with all the new regulations that now govern the way mortgage contracts are handled, the information available to new buyer’s is even more layered than it used to be. When there has been credit challenges, not all mortgage loan professionals are the same and can assist in a timely fashion with a client that has been through some heavy issues.
House owner/real estate agent giving away the keys – house out of focus
What you may find helpful is starting with where your credit history is after filing for Bankruptcy. New regulation has been established to help you buy with conditions. Your smartest initial step is to correct the credit history and get your credit back on track and increase your credit scores so that you can get approved for the lowest interest rate possible.
If your a first time homebuyer, FHA loans are a great way to start you on your path to buying home. If you are re-entering into the home buying market after not owning a home for the three to four years, you are also considered a first time buyer.
Buying a home is exciting and stressful at the time. Lenders like to see that your employment is stable, your saving some money monthly and your credit history is strong enough to position you into a mortgage loan without any kind severe financial strain.
If you ready to make that next major financial commitment, we have a great program that is changing the level of success for people who have gone through some challenges and want to buy a home. Our program Home Buyer’s Assistance (HBA) is designed to position you with a team of professionals who work with you to handle the intricate process of buying with credit challenges. To learn more, visit our website and download our HBA magazine.
Next month, we are having Credit Education and Home Buying workshop, be sure to stay in the loop so you can get your questions answered and learn about how we can help you buy your next home.
