Buying After Foreclosure: Millions of Buyers
If you were one of the millions of homeowners who went through the foreclosure process in the last 5 years, the good news is that you will be able to buy a home again and many people are have started buying after foreclosure already. Buying after foreclosure is a group of people that is going to be one of the fastest growing home buyer groups in the coming years as the waiting period ends for many people who went through foreclosure in prior years.
Buying After Foreclosure: Which Loan Programs Are Available?
When buying after foreclosure, some of the popular loan programs include FHA loans, VA loans (if you have served in the military) and USDA loans (only available on qualifying properties) and Conventional loans. One of the least popular loan programs (right now at least) for buying after foreclosure is the jumbo loan – but keep in mind, things in the loan program guidelines can change rapidly once one lender starts to change their guidelines.
Buying After Foreclosure With an FHA Loan
One of the most popular loan programs for buying after foreclosure is an FHA loan. The FHA loan is popular because it has more flexible guidelines than the conventional loan programs and the FHA loan programs are designed for first time home buyers or people who have had some financial difficulties in the past.
Buying After Foreclosure With a VA Loan
If you are a Veteran, one of the best options for buying after foreclosure is a VA loan.
Buying After Foreclosure With a USDA Loan
For properties that can qualify for USDA financing, the USDA loan program after foreclosure is a popular option because of the flexible guidelines and no money down options.
Buying After Foreclosure With a Conventional Loan
When buying after foreclosure, the conventional loan programs that are underwritten to Fannie Mae or Freddie Mac guidelines are one of the lesser used loans, but still sometimes are used.