| "How long after a foreclosure can I purchase a | | | | the most credit score crushing things that can happen |
| home?" This is a question many people are asking | | | | to your credit file. You may think that you'll never be |
| now, and that many more will be asking in the near | | | | able to buy a house again, or at least not for a very |
| future, all because of the current foreclosure crisis. | | | | long time. However, this does not have to be the case. |
| Foreclosures are hitting people from all walks of life, | | | | You may be able to buy a house again much sooner |
| from the very rich and successful to those who are | | | | than you think after a foreclosure. |
| just scraping by. It isn't discriminating at all in who it | | | | In most cases, you can get a mortgage immediately |
| affects. This is largely because of the questionable | | | | after a foreclosure as long as you have twenty |
| practices of the mortgage companies, who for years | | | | percent of the purchase price to put down as a down |
| gave mortgages of just about any amount to nearly | | | | payment. That's the standard amount of a down |
| any person who asked for one, knowing that these | | | | payment for a mortgage, so anything less would |
| people would likely not be able to afford the monthly | | | | require special financing that you would not be likely to |
| payments. The mortgage companies just figured they | | | | get after a foreclosure. You can also get a mortgage |
| could re-sell the foreclosed homes at a profit, since | | | | without a bank if you purchase a house with owner |
| real estate was so valuable. However, then the | | | | financing or as a lease option. Further, if you're asking |
| recession hit and property values nosedived, so those | | | | "How long after a foreclosure can I purchase a |
| foreclosed homes have ended up just sitting there, | | | | home?", you can get an FHA mortgage three years |
| unoccupied, until the economy recovers. | | | | after a foreclosure if you've established good credit |
| If you've been hit by a foreclosure, you know what a | | | | since that point. |
| terrible thing is is to your credit score. In fact, it is one of | | | | |