There is home buyer life after a foreclosure. Having gone through that experience does not mean that you are forever banned from buying a home. In fact, such an experience might make you a better homeowner candidate. Mainly because you have become aware of the factors that may have gotten you in trouble in the first place, and now you know what to avoid.
The two main items that lenders require after someone has gone through foreclosure is that 1) you wait the obligatory amount of time: three years if you had an FHA loan and seven years if you had a conventional loan, and 2) that you have reestablished your credit.
If you decide that you want to venture into the waters of homeownership again you are now equipped with the true knowledge of what it all entails and you should have a much better understanding of what you can afford and what you can’t afford. You are aware of the intangibles that go along with being an owner and not a renter. You know the importance of developing a family budget and sticking to it.
Bad things happen to good people, and we all can have a second chance.
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