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Posted by NJDave on February 21, 2006 at 07:44:29:
In Reply to: recovering after foreclosure posted by step on February 20, 2006 at 23:16:57:
The only thing preventing you from buying a new home
is money. If you have enough, and aren't reliant on a mortgage loan, you can buy a new home at anytime.
But, if you are like most people, you'll need to save for a downpayment, and wait until your reditworthiness improves so you can qualify for a mortgage loan.
How long it takes depends on how you repair your
bad credit, and what steps you take to assure that
you maintain excellent credit.
Within the first couple of years following the loss of your home to foreclosure, expect to place a substantial downpayment, and expect to pay a higher interest rate on any new mortgage loan.
Of course, there are exceptions to every situation. You might be able to locate a home to lease with an option to purchase offering a rental credit toward downpayment, or a home that offers seller financing.
