affected.
A federally insured Federal Housing Administration (FHA) loan is considered one of the best options for obtaining a mortgage after foreclosure. The minimum amount of time required between completion of foreclosure until approval of an FHA loan is three years, regardless of extenuating circumstances, and borrowers will still need to prove that they are up-to-date on bill payments after the foreclosure to get approved.
DIFFICULTY FINDING A NEW PLACE TO CALL “HOME”
The immediate problem after a foreclosure is to find a new home, and you’ll need a cash deposit. This tends to be the largest barrier when it comes to renting after a foreclosure, and sometimes landlords will turn you away unless you have a double deposit. Landlords will see that you had a foreclosure and know it was because of unpaid bills. Your rental options become fewer, but some landlords will accept tenants who
have a credit score as low as 580. You might be accepted as a tenant with an even lower score if you can establish that you have a reliable and long-term job history. Explain to landlords your situation, be ready with a double deposit, and honestly answer any questions they might have. If foreclosure is inevitable, then you should begin to look for other options as soon as possible, so you’re not left without a place to live as soon as you’re evicted. Remember, you’ll have at least a
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