Home Buying in 98632>Question Details

sewmarx, Other/Just Looking in Kelso, WA

can i buy another home few mths after foreclosure of my home due to hardship?

Asked by sewmarx, Kelso, WA Sat Jul 14, 2012

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Typically its 3 years at a minimum, FHA is your best bet at that point. You need to work on building your credit and saving for a down payment for now. Good luck!
1 vote Thank Flag Link Sat Jul 14, 2012
If you do not need a loan and have enough cash to pay for the home this shouldn't be an issue, you can buy right away.

If you need a loan, and you just defaulted on another (broke your promises to pay) I suspect a lender is going to want to know just know why you did that and also see that you have been re-established financially. Doesn't that make sense to you?
0 votes Thank Flag Link Sun Jul 15, 2012
You have three other options, however both will involve higher interest rates:

1) owner financed properties. An individual seller may be willing to lend to you.
2) rent-to-own properties: typically a portion of your rent is going to the down payment
3) option properties; you may be renting with an option to buy set for a date in the future when you can again get a traditional loan.
0 votes Thank Flag Link Sat Jul 14, 2012
You have to wait 2-3 years & you also have to build up your credit.

Good luck, Jirius Isaac
Web Reference: http://tristarfinance.com
0 votes Thank Flag Link Sat Jul 14, 2012
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