Should I Buy Again After Foreclosure

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Should I Buy Again After Foreclosure

Should I Buy Again After Foreclosure

It seems that many homeowners that have been through foreclosure are in a big hurry to buy again. Some times even those that have not yet lost their home to foreclosure but think they may do soon are trying to work out how they can get back into the real estate market.

It appears that the reason for there hurry is they don’t want to miss out on the low housing prices or interest rates, although it does not look like either are going to raise much in the short term. What is worse is that many of these people are also willing to pay top prices for their next home, or pay more if they are going to rely on lease to own, seller financing or hard money loans for their next mortgage. Another reason is people don’t want to miss building equity in a home instead of paying rent and also like the tax advantages that come along with home ownership.

Instead of trying to jump back into the housing market quickly I would suggest the following:

  • If you have gone through a foreclosure most loan programs are going to make you wait 3 years even if you qualify with good credit, income & assets.
  • Spend some time working on your finances instead of trying to buy a new home too quickly.
  • Get your debt paid down firstly.
  • Change your spending habits and save some money each month.
  • Pay you taxes and make sure they are current.
  • Pay you bills on time every month.
  • Get rid of any unnecessary monthly expense.

We are Frisco, TX home specialists. If you have any questions about real estate in Frisco, or any neighboring DFW communities, please fill out our contact form, or call 469-556-2393 for assistance.

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Nick Walton
JP And Associates REALTORS

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