Foreclosure: Buying a New Home
If you worked hard to purchase your own home only to lose it through foreclosure, you may wonder if you’ll ever be in a position to qualify for a mortgage. But, depending on the circumstances of the foreclosure, the foreclosure waiting period and your ability to increase your credit score, it may just be a matter of time before you’re back in your own home.
Pardee Homes’ sales counselors and our Preferred Lenders are experienced with helping homebuyers navigate the process. Talk to us and let’s see about getting you back on the path to home ownership.
Here are some answers to common questions:
Can I buy again after a foreclosure/short sale?
Given the right circumstances, yes. We can help you learn more about the steps that can lead you in that direction.
How long is the foreclosure waiting period?
The foreclosure waiting period varies. While the standard waiting period for buying a new home is seven years, VA loans can be as soon as one year, and other loans types can be two or three years. We can help you determine where you are in the process. Pardee Homes has smart solutions to help you raise your credit score, including relationships with preferred lenders that can help you get back into homeownership as soon as possible, if at all possible.
When should I start?
Start early. When you plan ahead, you’ll know more about how to be in the best possible position once your foreclosure anniversary date arrives. Start talking to us now and find out what you need to do to position yourself for loan approval, and what steps you need to be taking to repair your credit score. You’ll want to choose your home/lot early, as inventory is limited and you may have to wait for the home to be built.
What else should I know?
After the foreclosure, it’s important to show a good payment history. You’ll want to save up for a down payment to help make it easier to qualify for a new home loan. If you consistently focus on repairing your credit score you may be able to purchase a new home within a few years after foreclosure, while someone who does not focus on improving their credit score may have to wait about 4 to 5 years—or even longer—to establish acceptable credit.
Talk to a Pardee Homes New Home Specialist today