“Time flies when you’re having a good
time” we hear. But time can also pass quickly for those who've had to go through
difficult times. Case in point is a million and a half borrowers who have
recently experienced the pain of a foreclosure. That’s the estimated number of
those who, by this time next year, will have waited long enough to again become
eligible for an FHA loan.
Anyone interested in buying
a Centennial or Parker home after a foreclosure has come through a
tough period. The standard waiting period for an FHA-guaranteed loan is 3-4
years following a foreclosure or short sale (though individual circumstances
vary). Now that the weeks and months have ticked by, this sizable crop of newly
eligible prospective ‘boomerang buyers’ may soon find themselves contemplating
the option of buying a home after a foreclosure.
That estimate of the size of the newly eligible was provided by
Moody’s Analytics. Since they are key players in determining creditworthiness,
it’s a source I trust. A chart of Moody’s count from the second quarter in 2011
(when their number was a mere 285,000) to next year’s second quarter 1,500,000
provides a convincingly uphill slope.
Still, being eligible to
apply does not mean automatically qualifying for an FHA (or any other) loan.
Success in buying a
Centennial or Parker home
after a foreclosure continues to depend on the same standards that always
apply. After the waiting game is over, having cured credit damage will become
the prime requirement. To increase their chances of successfully buying a home after a
foreclosure, prospects will have paid
existing credit card and loan debts with the kind of unfailing regularity that
reassures loan officers and credit analysts alike. If that hasn’t been the
case, the time to begin is ASAP. Website Zillow predicts the next most influential group of buyers
will be those who are looking to buy a home after a foreclosure or short sale. Centennial or Parkerresidents
who are among them — and who are ready to make this their turnaround season —
should give me a call. We can get started with the pre-approval process! Matthew
Koller is part of the Carr Peck & Associates at Keller Williams. Carr Peck
& Associates were 6thin
Denver Metro home sales out of 5,000 agents and has been recognized by the Wall
Street Journal and Real Trends as one of the top selling teams in the country.
For more information feel free to contact him or
Photo courtesy of www.wannado.com
Author:Jason Peck Phone: 720-446-6301 Dated: May 4th 2013 Views: 5,214 About Jason: ...
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