When homeowners started defaulting on their loans, during the current market downturn, the government, lenders, and media were scaring distressed homeowners that it will be about 7 years to be able to purchase. As more and more people are affected by unemployment along with every growing debt, many people have turned to Chapter 7 and 13 Bankruptcy for a new financial start. In order for a quicker recovery, the industry has been changing its guidelines to allow people to purchase homes again.
Depending on your previous circumstances, bankruptcies can affect your future buying power. Take a look below* to see if you can purchase a home anytime soon
A lender has the sole discretion to lender to borrowers of their choice, so feel free to shop around for your perfect mortgage. Did you have a USDA or VA loan, ask me how long it will take for you to own a home! Check back to RealtorKJblog.com for buying after a short sale or foreclosure!
*Information provided by Jarrod Fassio with AFN Corp