Can you make a comeback after a foreclosure in the Cedar Rapids area?

The past few years have meant some pretty rough economic times for many in the Cedar Rapids and surrounding areas.  As a result we’ve seen a record number of defaults on home loans.

But does a temporary set-back in your financial situation mean that you should never know the joy of owning a home again?

Absolutely not!

With the right circumstances after just a few years you might find yourself capable of owning another home.

The following are some waiting periods for obtaining a home loan following a foreclosure, short sale or deed in lieu of foreclosure:

Seven years for buyers who have:

  • suffered a foreclosure for a  government-backed Fannie Mae or Freddie Mac loan,
  • suffered a short sale and have less than 10% to put down for a Fannie Mae or Freddie Mac loan and
  • those who had a deed in lieu of foreclosure with less than 10% down for a Fannie Mae or Freddie Mac loan.

 Four years for buyers who have:

  • Suffered a short sale and have 10% to put down for a Fannie Mae or Freddie Mac loan and
  • Had a deed in lieu of foreclosure and have 10% to put down for a Fannie Mae or Freddie Mac loan.

 Three years for buyers who have:

  • Suffered a foreclosure for an FHA loan
  • Suffered a short sale for an FHA loan
  • Suffered a deed in lieu of foreclosure for an FHA loan

 Two years for buyers who have:

  •  Suffered a short sale with 20% down for a Fannie Mae or Freddie Mac loan
  • Had a deed in lieu of foreclosure with 20% down for a Fannie Mae or Freddie Mac loan

 One to Two Years for buyers who have:

  • Suffered a foreclosure with extenuating circumstances. These would include the death of a breadwinner or serious illness)
  • Had a deed in lieu of foreclosure with extenuating circumstances

 People have lost their homes for many reasons: illness, loss of job, disability, death of a breadwinner and perhaps the learning of a hard lesson in managing money. No matter what your particular situation given the right lapse of time and the right circumstances (current employment, credit (and there are loans still available, too!) and down payment) you could be able to purchase.

You will need to ask a professional what your options are.  I have a list of highly qualified lenders who will help you find the best financial options for your home loan.  Call me today at 319-480-5262