The turn in our market was abrupt and sharp causing pain and turmoil for many homeowners and the overnight realization that the value of their home had dropped drastically. Pointing fingers and trying to find blame did us no good and now we are left to pick up the pieces and move into a better time. This is taking longer than expected but we are now seeing the light at the end of the tunnel. Real estate is still one of the best investments you can make but you do have to do your homework. For those who were hit the hardest and lost their homes to foreclosure or short sale, you may be wondering how you will ever be able to purchase another home again or, perhaps, why you would want to.
I was recently told that it would take 7 years for my client to be eligible for a mortgage again. This was incorrect, and I suspected as much. I began to research this information and I came across an article that I found interesting. If you take the proper steps to re-establish your credit, rebuild your budget and stay on track, you could be eligible to obtain a mortgage in 2 to 3 years and have a down payment as small as 3.5%. This is not an easy task though that will happen overnight. It requires a plan, a plan that will never put you in the position again where you stand to lose everything. I am a strong believer that we need to live within our means, not live up to our wants.
Check out "Homeownership Possible Within Three Years After Foreclosure" to read the complete article.