Alamogordo NM Real Estate
Alamogordo NM Real Estate
575-437-1137

Buying a Home After Foreclosure

Buying a home in Alamogordo after foreclosure

Just because you've dealt with the foreclosure, short sale or bankruptcy and that doesn't mean that you can't be a responsible homeowner in the future. Maybe you have suffered a bankruptcy or foreclosure over the last few years and now I've gotten back on your feet, considering purchasing real estate again. How soon can you do it and what are the steps necessary?

If you're interested in buying a home in Alamogordo after a bankruptcy or foreclosure you need to be aware of the programs and options available to you. Usually, lenders want to see a healthy financial track record over the last 1 to 2 years and no other red flags, bankruptcies, or errors on bank statements, pay stubs, or tax returns.Buying a home after foreclosure In Alamogordo NM

If you've recently come out of a foreclosure you can start now by maintaining your job for at least two years, building up reserves funds, paying all of your debts and credit cards on time, and saving for the down payment. There are assistance programs as well as closing cost programs that help you with down payments or closing costs if necessary. These are typically available to low or moderate income applicants and you must take homeownership education classes in order to qualify.

Just because you've dealt with a foreclosure in the past doesn't mean it is impossible to get a home loan now. Lenders want to see that you have been a responsible rental applicant for at least one to two years before applying for a home loan. You may be able to apply earlier and just not close until the two years are up.

Another key is to be honest with your lenders, letting them know the circumstances behind the foreclosure or short sale. Perhaps there was a death in the family, divorce, job loss or medical expenses that prevented you from paying the mortgage or communicating with your lender. Many of these applicants are dealt with on a case-by-case basis so explain yourself and make sure that lenders understand you are responsible and are back on your feet, ready to maintain a monthly mortgage payment and a home.

For more information call us today or to find homeownership classes and lenders in our area the deal specifically with distressed borrowers.

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