So you probably lost your home to a short sale or foreclosure and are currently renting, right?
You've not seen much opportunity to get back into home ownership and all the news you hear on the tv seems to be problem after problem, crisis after crisis and so you just feel stuck.
Throwing money away every month isn't the most fun thing to do (I speak from experience as a former renter) but you really couldn't have done anything differently, so you've done the best you can and kept things together through this storm.
Well, there are a few things I'd like to update you on that concern your situation and...
... at the end of the post I'll share with you the greatest resource for home renters bar none.
The Latest (good) News For Home Renters And...
Why Now Is The Time To Re-Enter The Housing Market
- The worst of the foreclosure crisis is in the review mirror.
- Since were about three years past the peak of foreclosures you most likely are ready to qualify for another home loan.
- Now that enough time has gone by since you defaulted on your mortgage you may also qualify for a mortgage backed by the Federal Housing Administration.
- Blame being young and silly or blame the lack of understanding you had going into your last mortgage, most people were not making very sound decisions so you're not alone. You went with the crowd and that's ok. It happened and it's the past and if you focus on the opportunities right now you may be able to get another loan and own a home again.
How To Know When You Can Qualify For Another Loan
- Filed a Chapter 13 Bankrupcy - About One Year
- Foreclosure Or Shortsale - Typically Three Years
- Other Forms of Bankrupcy - About Three Years
5 Things You Can Do Right Now To
Dramatically Better Your Future
- Take a deep breathe and focus on making the decisions that will increase your chances of owning your dream home.
- Get a good idea of your credit rating situation and little by little patch it up to be as clean as possible.
- Ask a lender to consult CAIVRS (a government-run database of government guranteed loan delinquencies).
- Start gradually saving in preparation to make the biggest down payment you can. Your goal is at least 3.5%, which is the FHA minimum for a loan with mortgage insurance.
- Get pre-approved. The sooner you start this step and do what is necessary the better.
The Most Important Thing You Can Do Is...
... Have a Plan of Action
When taking this all in at once it probably overwhelms you but taking it in micro steps will manfiest your desired macro outcome.
So accept that opportunity is knocking. Answer the door by taking each step, one at a time, to put yourself in the best situation to invest in you and your families future.
I hope this has been helpful to you.
Oh yeh, here is that "Home Renters Resource" I was referring to earlier in the post.
It's called Doorsteps.com , a 100% free--step by step-- guide through the home renting to home owning process.
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