“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
Savannah 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 we 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
1,500,000 provides a convincingly uphill slope.
Still, being eligible to
apply does not mean automatically qualifying for an FHA (or any other) loan.
Success in buying a Savannah home after a foreclosure continues to depend on
the same standards that always apply. After the waiting game is over, having
cured credit damage will become the prime requirement.
To increase their chances of successfully buying a home after a
foreclosure, Savannah
prospects will have paid existing credit card and loan debts with the kind of
unfailing regularity that reassures loan officers and credit analysts alike. If
that hasn’t been the case, the time to begin is ASAP.
Website Zillow predicts the next most influential group of buyers
will be those who are looking to buy a home after a foreclosure or short sale. Savannah residents who
are among them — and who are ready to make this their turnaround season —
should give us a call. We can get started with the pre-approval process!
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