Atlanta home buyers need to know that there is hope for making a purchase after a short sale or a foreclosure.  If you were one of the many Georgians lost their homes through foreclosure in 2008 and 2009, now may be the time to start thinking about purchasing a home again.

For an FHA mortgage, you can qualify for a new mortgage 3 years after a short sale or foreclosure.   For a conventional mortgage you can qualify for a new mortgage after 2 years with a 20% down payment. 


house of cards

Now, you will need to show that you have a satisfactory rental history since the time of foreclosure.  The best way to document this is with canceled rent checks.  The next best thing will be to save the receipt from money orders.  However, paying cash for your rent is not going to help your situation.   By the way, if you don’t have a checking account, get one!

The second obstacle to overcome after a foreclosure is restoring your credit.  A foreclosure or any public record, can drop your credit score 100-200 points.  It is important to re-establish a good payment history.

After a bankruptcy or foreclosure it is probably in your best interest to review all of your documents with your loan officer before you start to look for a home. 

Atlanta home buyers can still get a great deal on home!


Atlanta Home Buyers need to know...Part 4

Atlanta Home Buyers need to know...Part 3

Atlanta Home Buyers need to know...Part 2

Atlanta Home Buyers need to know...Part 1

 

If you found this blog valuable, please subscribe by clicking the button to the right.  If you are ready to talk about a mortgage, please click HERE to apply now.

 

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Kathleen Sheehan

Sr. Mortgage Consultant

NMLS #206275
Georgia Residential Mortgage Licensee #25839

600 Galleria Parkway

Suite 170

Atlanta, GA  30038

 

770.634.4021 cell

 


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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

 
Star Posted by Kathy Sheehan on 07/06/2012 09:42 PM   Comments (24)   ActiveRain Community in the ActiveRain Channel   atlanta home buyers, mortgage, foreclosure, short sale  
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24 Comments on Atlanta Home Buyers need to know...Part 5

20 Most Recent Comments Displayed Show All

JUL
07
837,527 Points 69 Featured Posts Outside Blog Called Shot Master

Relevant subject for the many that have been displaced by the events of the last few years...good post here
6:22am • #5
424,614 Points 45 Featured Posts Outside Blog Attended Rain Camp

This is why I think the market is starting to turn.  A lot of those buyers who got caught in the bubble are now able to buy again.  The nice thing is prices are down and interest rates are down.  I guess it's a partial blessing if you got foreclosed on early on.  Now you have the opportunity to buy the current foreclosures. 
6:39am • #6
313,230 Points 20 Featured Posts Outside Blog Called Shot Master

Kathy, thank you for the up to date information.  Concise and to the point.  I'm printing out your blog and nmow I know I have at least some kind of information that buyers really need.  Thank you.
6:58am • #7
1,344,197 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Great information that we can all use. Thanks for this excellent post!
9:34am • #8
1,029,555 Points 238 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Kathy- there's so much info out there and much of it is hard to understand. This is a good easy to understand series for consumers.
10:42am • #9
680,340 Points 51 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Kathy, this is reallly good to know since I have a couple of clients who've lost their homes in the last few years.
12:13pm • #10
522,944 Points 10 Featured Posts Outside Blog Called Shot Master

I think that people are always amazed at the short amount of time it can take to purchase a new home, if you watch what you are doing, and work with a great loan officer like Kathy Sheehan!
1:49pm • #11
794,314 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good info here at Atlanta Home Buyers need to know...Part 5.
10:42pm • #12
JUL
08
532,173 Points 8 Featured Posts Outside Blog Called Shot Master

Hi Kathy,  Great series.  I will be back to read the other entries.
6:12pm • #13
707,521 Points 47 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Kathy good advice and love the way you put the series in one blog as well for those who missed them the first time around!
6:52pm • #14
4 Featured Posts Called Shot Master

Kathy, I would think these FHA and conventional rules apply all over the US, not only in the Atlanta are or in Georgia, no? I would like to re-blog your post since I think it's short and sweet, informative and to the point. But pretty pointless for me to re-blog, it if it doesn't apply in FL. Can you please confirm? - Thank you!
7:57pm • #15
1,351,812 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Kathy - This is important information for would be homeowners who once were.
8:24pm • #16
JUL
09
697,960 Points 15 Featured Posts Outside Blog Called Shot Master

Arlanta homebuyers who have had a short sale or less than perfect credit need to contact Kathy Sheehan TODAY!
6:15pm • #17
584,963 Points 46 Featured Posts Outside Blog Called Shot Master

Congratulations, Kathy Sheehan, john mccormack, realtor, albuquerque, albuquerque Homes realty
6:21pm • #19
JUL
10
185,098 Points 2 Featured Posts Called Shot Master

Hi Kathy, great information for homeowners. Give Kathy a call today and she will help

you to purchase a new home.
7:52am • #20
382,714 Points 8 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

That is good news for the distressed sellers in Atlanta; congrats on the feature.
11:04am • #21
JUL
11
617,175 Points 60 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Kathy

Rules are so different, depending on how the borrowers handled their mortgage payments before and during the short sale process. Glad you're sharing this information. Congrats on the feature
10:45pm • #22
292,425 Points 20 Featured Posts Outside Blog Called Shot Master

Kathy, this is useful information for the many former home owners hoping to heal, recuperate and buy another home.  And congrats on the Feature.
11:48pm • #23
JUL
13
1,097,988 Points 25 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Kathy, indeed this is good information...the best tip is to never pay with cash, if so, always get a receipt and keep.
10:02am • #24
JUL
14
872,158 Points 47 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Kathy, this confirms some information I told a prospective buyer today but said that I would check. Thanks!

Sharon
3:48pm • #25

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