Tips on Buying a Home after Foreclosure

A foreclosure is one of the most disadvantageous financial situations anyone can be in, and for good reason: recovering from such a negative credit event can take up to seven years to recover from. During that period, it’s extremely tough to get a new loan; even more so a typical mortgage. Although getting a mortgage after a foreclosure is tough, it doesn’t mean it’s impossible. Here are a few tips for “boomerang buyers” out there.

Wait It Out A Bit – The Federal Housing Administration (FHA) mandates a 3-year wait before obtaining a new FHA loan, with several lenders following suit. Waiting periods can be shorter, though, provided that the loans are portfolio or conventional-type loans. Also, always remember that waiting periods don’t start until the foreclosure is completed. Continue reading

Advertisements

Defining the Roles of Real Estate Agent and Broker

When it comes to real estate transactions, homebuyers and sellers usually seek the assistance of real estate agents and real estate brokers since they are the experts in the industry. There can, however, be some confusion regarding their roles, and that’s why it is prudent to know the difference between them. Read on for a look at what makes real estate brokers different from agents. Continue reading