FHA Back To Work Program waives Foreclosure, Bankruptcy, And Short Sale waiting periods. Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan. Check out http://www.whywaitbuytoday.com for more details.
foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
All landlords and property owners looking to rent their property are different and have different rules when it comes to qualifying tenants. Not all pull credit reports - especially homeowners who have never rented their homes before. They often rent based on "character assessments" of the prospective tenants and whether or not they "feel good" about it. But for the ones who do (which will be a vast majority), If the mortgage is the only debt that has gone unpaid, it's fair to say that the financial hardship would be easier to explain and rationalize. If you have a bunch of other accounts that are delinquent, it will just look like you don't pay bills - and that's never good. Either way, your credit will be hit very hard with a foreclosure, of which you are most certainly already aware.
The most important thing for you to understand in all of this is that you are not alone. There are hundreds of people going through the very dilemma you face in this immediate area and almost all of them are looking for rental property once displaced from their homes. So landlords should be desensitized to bad credit scores by now.
Put it behind you. Keep your chin up... wish you the best.
RYAN PETRY | kw
Be honest with them and show them your credit before. Hopefully it was an isolated incident and your income is good enough that they will see past that. But you are going to need to likely make compromises on the place, location and maybe price.
Then start working on your credit again. Remember, a lease is only for one year - most people can do anything for one year. Good luck.