Unfortunately, many homeowners have gone through a foreclosure in recent years but that doesn’t mean that future homeownership is out of the question. Hard work and discipline and these tips should have you on the road to homeownership again soon.
1. Keep a steady job
Potential lenders will need to see stable employment before they’ll approve a mortgage loan after a foreclosure.
2. Build your savings
Rebuild your savings account. You will want to establish a minimum of six months of living expenses in a liquid account. Mortgage companies will want to see you have a cushion to pay your bills.
3. Work on your credit score
After foreclosure, your credit score probably dropped by about 150 points. Rebuilding your score will take time, hard work and perseverance. Pay all of your bills on time and make sure to keep your credit card balances below maximum levels. It is best to have the balance less than half of the available balance.
If you stay disciplined and positive, the American dream—obtaining a mortgage and owning a home of your own—can, indeed, be yours again. Even after foreclosure.
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