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Options for Buying a Home After a Foreclosure Open Up
Hamed Gargasht - Gargasht Team (703) 901-6364
Keller Williams Realty
“Time flies when you’re having a good time” we hear. But time can also pass quickly for those who’ve had to go through difficult times.Case in point is a million and a half borrowers who have recently experienced the pain of a foreclosure. That’s the estimated number of those who, by this time next year, will have waited long enough to again become eligible for an FHA loan.
Anyone interested in buying a Rippon Landing, Woodbridge home after a foreclosure has come through a tough period. The standard waiting period for an FHA-guaranteed loan is 3-4 years following a foreclosure or short sale (though individual circumstances vary). Now that the weeks and months have ticked by, this sizable crop of newly eligible prospective ‘boomerang buyers’ may soon find themselves contemplating the option of buying a home after a foreclosure.
That estimate of the size of the newly eligible was provided by Moody’s Analytics. Since they are key players in determining creditworthiness, it’s a source I trust. A chart of Moody’s count from the second quarter in 2011 (when their number was a mere 285,000) to next year’s second quarter ... more
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