How Soon Can I Buy A Home After A Bankruptcy?

It's almost ten years since the housing bubble burst, which resulted in millions of homeowners across the country declaring bankruptcy, or being forced into foreclosure or a short sale. According to the Wall Street Journal, over the next five years, about 6 million Americans will have their bankruptcies disappear from their credit reports, enabling more homebuyers to enter the housing market.

The question many former homeowners have, who’ve been able to financially recover from their bankruptcy, is “When will I be able to buy another home?”

 

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How Soon Can I Buy a House After A Short Sale?

buying a home after a short sale

If your home was sold through a short sale, your credit would have been negatively affected, although possibly not as much as if you had lost your home through foreclosure. The amount of time you must wait before applying for a new mortgage loan depends on the type of home loan and your financial circumstances. Learn the eligibility guidelines for a FHA, VA and conventional home loan following a short sale >

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How Soon Can I Buy A Home After A Foreclosure?

recovering from a foreclosure

It’s almost ten years since the housing bubble burst, which resulted in millions of homeowners across the country declaring bankruptcy, or being forced into foreclosure or a short sale. According to the Wall Street Journal, over the next five years, about 6 million Americans will have their bankruptcies disappear from their credit reports, enabling more homebuyers to enter the housing market.

The question many former homeowners have, who’ve been able to financially recover and can save for a down payment, is “When will I be able to buy another home?"

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Difference Between Home Loan Interest Rate Vs Annual Percentage Rate (APR)

When you apply for a home loan, you will be given an interest rate and an annual percentage rate (APR). Understanding the difference between the rates, and how they are calculated could save you thousands of dollars over the duration of your home loan.

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Credit Score Tips for First-Time Homebuyers

young couple reviewing their credit score

If your News Year’s Resolution is to buy your first home, before you start looking at houses you’ll need to get your finances in order. To know the state of your finances, you’ll first need to review your credit reports and obtain your FICO® credit score to better understand your creditworthiness.

Knowing how the data influences your FICO® credit score will enable you to monitor your score which will affect the type of home loan and interest rate you qualify for.

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How can I pay off my mortgage early?

how to pay off your mortgage early

This holiday season, give yourself a gift that can save you significantly over the term of your mortgage – an additional payment. If you are unable to gift the full amount this month and your lender doesn’t charge a penalty for paying off your mortgage early, consider implementing one of these budget-friendly strategies year-round.

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When can I remove private mortgage insurance (PMI) from my home loan?

removing private mortgage insurance

If you were unable to purchase your home with 20% down payment, or refinance with less than 20% equity, it is likely that your mortgage program required you to pay private mortgage insurance or PMI, in addition to your monthly mortgage payment. There is a standard way to remove PMI, or you can request to have it removed earlier.

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3 Tax Advantages of Buying a Home Before the End of 2016

real estate tax deductions for 2016

The end of the year is a great time of year to purchase your first home, move to a more desirable neighborhood or school district, or for those empty-nesters, down-size to a more manageable home. In addition to locking in still low interest rates, here are three ways buying a home before the end of 2016 could reduce the amount of tax you pay in 2017.

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