Purchasing a home after foreclosure?
BMO asked: Will I be able to obtain a loan? Last year my husband stopped paying our mortgage payments (without my knowledge) our home was foreclosed a...
BMO asked:
Will I be able to obtain a loan?
Last year my husband stopped paying our mortgage payments (without my knowledge) our home was foreclosed and I really want to purchase a home myself, but my name was on our old mortgage and now this has affected my credit. I am afraid that I will not be approved for a mortgage and that I will not find a realtor to work with me.
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Will I be able to obtain a loan?
Last year my husband stopped paying our mortgage payments (without my knowledge) our home was foreclosed and I really want to purchase a home myself, but my name was on our old mortgage and now this has affected my credit. I am afraid that I will not be approved for a mortgage and that I will not find a realtor to work with me.
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I have a similar situation. I think if you shop around, you should be able to find someone who will finance you. You might have to pay a higher interest rate. And as for the realtor, don’t tell them. it’s none of their business.
loans for people in foreclosure
get a preapproval first and go from there.
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What you should do, so you know for yourself, is talk with several lenders in your area to see what programs they might have to help you. It may mean that you need to wait a bit longer to qualify, but at least you’ll have facts from a professional. Besides, you may find a loan officer you’re comfortable with and do business with him/her when the time comes. As for the Realtor issue, I wouldn’t worry about that until after you’ve spoken with lenders and know what your options are. Believe me, when you’re qualified to purchase, no Realtor will turn down helping you find a home.
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All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrowerand are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.