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Any advise on financing home for a couple with good income and bad luck recently forclosed?

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March 22 2009 - West Bloomfield
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Answers (3)

Profile picture for MagicalHouse
You find your foreclosure to be due to "Bad Luck"?  Where you hoping for a big win at Roulette or something?

Take you lumps, fix your credit, set yourself up to succeed when it comes time to purchase again.  Realize their is nothing wrong with renting, your not going to get rich quick with real estate so relax.  Just don't borrower more than you can pay back next time.
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March 22 2009
Profile picture for sunnyview
You need to save for a down payment, work on rebuilding your credit and wait for the foreclosure to get farther behind you. I think the minimum for most lenders at this point is about 2-3 years if your can qualify for an FHA loan from what I read. Work on your numbers and save for your down until then.
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March 22 2009
Unfortunately, you're going to have to wait a while.  Banks are still getting battered by foreclosures, and until things settle down, they won't be taking big credit risks.  You could find someone else to sign on the mortgage with you, but be very careful.
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March 22 2009
 
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Any advise on financing home for a couple with good income and bad luck recently forclosed?
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Latest answer by MagicalHouse
March 22 2009 | 3 answers
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