Many hard-working Americans have lost their homes due to financial difficulties, economic setbacks, and job layoffs. If you still have your home, do whatever you can to work with your lender and negotiate a win-win situation for you and them.
Foreclosures do stay on your credit report for around 7 to 10 years from the research I have seen. There are still different loan programs and government loan programs that will allow people with foreclosures to obtain financing for new home. They are constantly changing the loan programs, especially the ones backed by the US government. Fannie Mae and Freddie Mac are constantly changing their rules for what type of real estate loans they will underwrite in relation to people and their credit. You have to check with your local bank to see what is going on in today’s world, but do not think there are no options available just because you have had a foreclosure.
I know personally in the past that just as long as you had no bad credit remarks in the past 24 or 36 months, many people could qualify for an FHA loan, which is backed by the US government. The Federal housing administration is a part of the US government and wants to help Americans purchase their homes. When the banks receive interest payments each month, this helps the US economy in tremendous ways. It’s a win-win situation all around when you are able to have the American dream and own your own home, while supporting the US economy.
I’m sure the laws have changed since I last talked with the banker, but the principle is people with foreclosures can still attain home financing and live the American dream. There are different credit repair options that are also available. If you are going to higher credit Repair Company, make sure you hire a reputable company that has proven results. Many lenders are willing to take your foreclosure off of your credit report if you are able to work out a deal with them. This is work or repair companies can come in and help you out.
Talk with your local banker or mortgage loan officer and see what programs are available today. The FHA offers many different types of loans for different individuals. There are loans for minorities, of rural housing loans, special grants and loans for single mothers, and many more options that are available. You must go search for these options because they will not knock on your door and say hey I am available.