What To Do To Buy After A Foreclosure

A quick look at the Arizona foreclosure market reveals that it is booming right now

, and a lot of people are finding themselves put out of their homes after falling behind on their mortgages. If your home was one of the Arizona foreclosure properties that have popped up over the last several years, you may feel like youll never be able to buy another home again. Its important to know that there is hope, and you can go on to buy another house. Here are some preliminary steps to follow:

1.Try to reduce your waiting time for a new mortgage. Fannie Mae normally requires that you wait a minimum of seven years after your Arizona foreclosure before you can qualify for a new loan. That said, if you can prove that there were extending circumstances surrounding your Arizona foreclosure, you could be able to cut that waiting time down to three years. These rules change regularly, so make sure you stay up to date on any new developments.

2.Acquire a steady job. If lack of a steady job is the reason your house was an Arizona foreclosure, its a fairly simple fix. Once you find a job, stay with it unless youre changing jobs because you have another one that pays more. Lenders check for a solid work history before handing out home loans, so make sure youve got one.

3.Get your credit score up. A foreclosure can drop your credit score by 150 points or more, and repairing your credit can take a lot of time and effort. Still, its one of the most important steps to becoming a homeowner again.

4.Become an aggressive saver. Most financial advisors suggest keeping at least three to six months worth of living expenses in the bank the funds should be easy to access when you need them. You need to be able to show lenders that after your Arizona foreclosure, you have enough money to pay your mortgage, even if you lose your job.

by: Sandra Wilken

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