Purchasing a home after foreclosure or bankruptcy

We're experiencing an interesting and exciting part of America's history. The economy is starting to recover, the housing market is picking up and 2013 should be a great year to purchase a new home. However, there's a huge population of Americans who lost their homes due to foreclosure or filed for bankruptcy just to get through the worst economic times we'll hopefully ever see in our lifetime.

Well, just as the sun is starting to appear with the economy, the people who fell on hard times should start to see hope. The clouds are parting and it's time to get back to living the American Dream of home ownership again. Just because a home was lost to foreclosure does not mean you'll never be able to buy a new home again. Most lenders follow the recommendations and guidelines from FHA, VA, Fannie and Freddie Mac. Someone who lost their home in 2010 or earlier should know that there's a good chance they'll be able to purchase a new home NOW with little money down. .

There are similar situations with bankruptcies. If you filed for bankruptcy, it was discharged in 2011 or earlier, you should meet with a mortgage broker to decide if it's time to get back into real estate again.

Josh Lund is a frequent mortgage/real estate blogger with various media outlets throughout the country. He's considered an expert in the mortgage industry and licensed in multiple states throughout the country. His contact information is: jlund@goldstarfinancial.com. NMLS#387408

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