A short sale or foreclosure on your credit history can make it difficult to purchase a home again, but that doesn’t mean it won’t happen. In most cases, a little time and careful attention to rebuilding your credit can make you a homeowner once again. Repairing Your Credit The first step to getting approved for a home loan after a short sale or foreclosure is to work on repairing your credit. There will be a waiting period before you can apply for a loan again, but the best thing to do during that time is get your credit score back up. Work on making smart financial decisions, paying off debts in a timely fashion, and ensuring you don’t miss payments on credit cards or other loans. Make sure to monitor your credit so that inaccuracies don’t damage it further. Waiting Periods For Loans After a short sale, you will be obliged to wait a certain period of time before you can apply for a home loan. This wait is usually three years for an FHA loan or four years for a conventional loan. Recent changes, however, have allowed buyers to purchase through FHA in as little as one year or […]
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